India, China to set up joint working group to address trade issues

India and China have agreed to set up a joint working group soon to address all their trade related issues in a bid to strengthen economic relationship.

At the ninth session of the India China joint group on economic relations, trade, science and technology here, the two also agreed to work on a five-year plan for furthering economic co-operation, PTI reports.

The indian and Chinese business teams were led by industry and commerce minister Anand Sharma and China's commerce minister Chen Deming respectively.

According to Sharma, the joint working group would be established soon and it would give its recommendations and assessments in 90 days. He added, it had had also been agreed to work on a five-year plan on economic co-operation.

Deming said at the time of global economic crisis there was a need for strengthening India-China economic relationship. He also expressed the hope the target $100 billion bilateral trade would be achieved by 2013.

The two nations also discussed a number of issues on either side that were hampering trade and investments.