Indo-China trade to double by 2010
New Delhi: Two-way trade between India and China will double to $40 bn by 2010 and 2007 has been declared as the year of promoting tourism between the people of the two countries.

The decisions were conveyed at a press interaction addressed jointly by Prime Minister Manmohan Singh and visiting Chinese President Hu Jintao after their delegation-level talks at the Hyderabad House in New Delhi.

According to the Chinese head of state Hu Jintao, The two countries will expand cooperation in areas such as trade, energy, agriculture, investment and human resource development."

Agreements were also signed to protect and promote investments between the two countries, as also to set up one more consulate each - one in Kolkata and the other in Guangong, Hu announced.

President Hu arrived in India on Monday evening on a four-day visit and was accorded a ceremonial welcome in the forecourt of Rashtrapati Bhavan, which included an 18-gun salute as his cavalcade drove into the presidential palace escorted by mounted riders of the President's Bodyguard.

President A.P.J. Abdul Kalam and Manmohan Singh were there to greet him.
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Easier for Chinese nationals to get visas to India
New Delhi: The government has streamlined visa guidelines for Chinese businessmen and professionals due to demand from Indian industry.

With this, Chinese businessmen, professionals and their dependents would be able to stay longer in India for bona fide purposes.

According to a release, "Business visa of 60 days can be extended up to 180 days and the entry can be increased from single to multiple in India on merit," it said.
The announcement coincides with the visit of Chinese President Hu Jinato.

The release added that employment visa for Chinese nationals can now be extended in India up to five years on a yearly basis subject to no adverse activity and the foreigner continuing to keep his or her employment.

The Union Home Ministry released the guidelines after a meeting between Mukesh Ambani, chairman of Reliance Industry and the Union Home Minister Shivraj Patil and Home Secretary V S Duggal. Ambani is believed to have pressed for speedy clearance to a large number of Chinese technicians needed for expediting his ongoing refinery project in Gujarat.
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Australia says unable to supply LNG to India
New Delhi: Australia says it cannot supply LNG to India in the short term. However the country has invited Indian companies to participate in exploration of natural gas.

Australian Industry Minister Ian Macfarlane said, "LNG market is tight over the next couple of years. We expect situation to ease once new capacities come into production in 2011-12," he said. Petronet LNG is negotiating a deal to import at least 2.5 million tonnes of liquefied natural gas from Australia.

Macfarlane said Australia would also encourage Indian investments in mining and would strengthen its presence in the minerals exploration industry here.
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Govt invites bids for extending telecom to rural areas
New Delhi: The government has invited bids from telecom companies to set up telecom infrastructure in villages using subsidy from the Universal Service Obligation (USO) Fund.

The USO Fund will be used to set up and manage the infrastructure sites and provide mobile services in select areas, an official release said here.

The government recently included cellular mobile services within the sphere of the USO Fund in order to replicate the urban telecom revolution in rural areas too.

The process would be completed in two rounds of financial bidding and the bidders have to submit their request for subsidy on per site basis and declaration of successful bidders at each stage of bidding will be done district/group of districts wise for a service area.

The Universal Service Provider has to provide mobile services within two months of commissioning of the infrastructure site, it said.
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Peru, India to sign bilateral pact
New Delhi: Peru and India will soon sign a commercial agreement to boost bilateral trade in areas like mining, steel and iron ore, ships and engines, textiles and pharmaceuticals according to the Peru-India Chambers of Commerce vice president Marco Hurtado at 'Peru-India: Project Partnerships - Opportunities in Trade & Investment' meet organised by the Confederation of Indian Industry (CII) on Tuesday.

Peru wants to attract investment in mining and small and medium industries in the sector are looking for investments from overseas.

Peru is also an attractive investment destination because of its steady economic growth, said Victor Munoz, Charge d' affairs, Embassy of Peru, India. The country has maintained a growth of 6 per cent for several years and has great mineral reserves and good potential in telecommunications and energy which will further enhance the trade relations between the two countries Munoz said.
Bilateral trade between India and Peru has shown a quantum growth from $82 million in 2001 to $190 million in 2005.

External affairs ministry joint secretary R Viswanathan said, "Peru provides a huge market of over 25 million people with $73 billion GDP."
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Crude oil prices move above $59/barrel
London: Crude oil prices moved up slightly on speculation that OPEC could announce further crude production cuts, according to dealers.

New York's main contract, light sweet crude for delivery in January, gained 33 cents to $59.13 per barrel in electronic deals before the official opening of the US market.

The price of New York crude had plunged last Friday to $54.86 - the lowest level since June 14, 2005.

In London, Brent North Sea crude for January delivery added 34 cents to $59.32 per barrel in electronic trading.
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US says India should open up for global trade
New Delhi: The United States has said India could lift millions of its people out of poverty by further opening up to global trade.

The secretary in the US department of agriculture, Mike Johanns, speaking at the Federation of Indian Chambers of Commerce & Industry said US was behind the European and Japan in rendering cash support to farmers. Johanns blamed the developing countries for asking a few million dollars subsidy cut, instead of making sincere efforts for ensuring greater market access, which would benefit the world trade. He said several studies have shown that greater market access can reduce poverty.

He said Brazil, China, India and South Korea were all strong emerging economies and could be competitive in global trade. The US had large trade deficits with India and other countries, he pointed out.

Johanns said that in the US 60 per cent of farmers did not depend on any subsidy. There was no subsidy for beef, poultry, pork, fruits and vegetables and only 40 per cent of farmers which consisted of the soybean and cotton growers who took the chunk of 93 per cent of the subsidy, he said.
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