labels: confederation of indian industry
CII, Chinese delegation meet news
Our Economy Bureau
15 January 2002
New Delhi: Chinese Premier Zhu Rongji will meet Indian business leaders on 16 January in Mumbai. This will follow the first meeting of the high-level business delegation accompanying the premier held at the Confederation of Indian Industry (CII) here on 14 January.

The 19-member-strong Chinese delegation is headed by Yu Xiaosong, chairman of the China Council for the Promotion of International Trade (CCPIT). Xiaosong, representing the Chinese delegation, said CII and CCPIT must work together for the promotion of business between the two countries. To initiate this, he said, CCPIT is ready to take up CIIs offer to partner in the India Engineering Trade Fair 2003.

Xiaosong stressed the need for the two countries to work together to realise the benefits of theWTO and exchange and learn from each others experiences of economic reforms. In a promising start to the Chinese business delegations visit to India, Wang Jinzhen, director-general, international relations department, CCPIT, echoed Xiaosongs views and said: "CCPIT agrees to work with CII on the joint working group on trade and investment."

T K Bhaumik, senior advisor (trade policy), CII, in a presentation on India and China: Engaging Each Other, suggested that CII and CCPIT should form an industry-level joint working group on trade and investment, a sectoral coordination committees to build sectoral synergies between the two countries and, then in near future, head for a preferential trade agreement.

Emphasising Indias stand on the WTO, Bhaumik said India is for strengthening multilateralism, free-and-fair trade environment, a greater market access, better implementation of WTO agreements and a total transparency in the functioning of the WTO. "India and China share many common concerns and hence should work together along with other countries to create a better and equitable WTO." He suggested setting up of a joint working group on the WTO.

Earlier, in his welcome remarks, Sunil Kant Munjal, chairman, CII economic affairs committee, and managing director, Hero Corporate Services, hoped that Rongjis visit and the accompanying business delegation to India will further the Indo-China relationship. "Coming in the wake of Chinas entry into the WTO, the Chinese premiers visit assumes an even greater importance."

Munjal said that for greater economic ties between the two countries, CII has recommended:

1. Setting up a joint working group in the fields of services, IT, environment, energy, agriculture and agro-processing industry, pharmaceuticals and the WTO.
2. A joint study of the regions of India and China for products and technology.
3. Promote opportunities for Sino-Indian cooperation in different cities of both the countries.
4. Organise Indian exhibitions in China.
5. Cooperate in areas of infrastructure development.

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CII, Chinese delegation meet