Kamal Nath: India-China economic ties poised to grow
Davos: Commerce and Industry Minister Kamal Nath has described India and China as the "twin engines of growth" of Asia, and has said there were several complementarities in the two economies that could be harnessed in order to achieve rapid and further expansion of trade and economic ties.

"I do not see this as an India versus China debate but rather in a India with China context," Nath said at a session on 'Beijing and New Delhi- navigating new territories' at the World Economic Forum meeting at Davos.

"The India-China two-way trade is now $ 1 billion a month, compared to $ 1 billion a year a decade ago. This 12-fold increase in the last decade only goes to prove that though we are competitors in many respects, we are also complementary and supplementary to each other," an official release said here, quoting Nath.

Referring to the new content and dimension of Look East Policy, he said while a decade ago trade with Europe constituted 30 per cent of India's total trade, 15 per cent with US and 20 per cent with Asia, India's trade with Asia now made up 30 per cent of the total trade.

"If you take ASEAN, China, Japan, Korea and India together, you can visualise an integrated market whose size is that of the European Union in terms of income and bigger than NAFTA in terms of trade."
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