Mumbai:
Total bilateral trade between China and India reached
record levels in the first nine months of 2004. According
to Yuan Nansheng, Consul General of China, the total bilateral
trade volume between India and China reached a record
level of $10 billion (around Rs45,000 crore) during the
first nine months of 2004, up by 83.8 per cent against
the same period last year.
India
exported goods and services worth $5.8 billion to China
while its imports from China were worth around $4 billion
during the nine months under review, Nansheng told reporters
at the 2004 South China 'commodities (Mumbai, India) exhibition'.
This puts the trade the two countries in favour of India
by nearly $1.8 billion. The bilateral trade between the
two countries in the corresponding period the previous
year $7.6 billion.
India
exports iron ore, plastic and linoleum, marine products,
cotton yarn and fabrics, organic and inorganic chemicals,
aluminium and pharma products to China and imports organic
chemicals, coal and briquette, medicine and pharma products,
textile yarn, non-ferrous metals and projects goods.
According to Nansheng, a joint study group consisting
of officials and economists of both countries has been
formed to examine the potential complementarities in expanding
trade and economic ties and explore the feasibility of
setting up an India-China free trade area.
As part of initiatives to strengthen trade between the
two countries, a South China 'commodities (Mumbai) exhibition
2004, with companies from the entire South China region,
has been organised by the China 'council for promotion
of international trade' and co-organised by Hunan provincial
department of commerce. Worldex GEC (India) has been appointed
to manage this event.
A
trade seminar on "How to develop India-China trade"
will be held
on December 10, at Mumbai on issues related to industry,
market trends, product development among others.
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