Thaindian News

New Delhi, Dec 15 (IANS) Seeking to address India’s worry over expanding bilateral trade deficit, seen at $24 billion this fiscal, Chinese Premier Wen Jiabao Wednesday said he was open to more imports and would try to expand the prospects for Indian exporters.”We will offer more platforms for Indian products in China,” Wen, who arrived here on a three-day visit official Wednesday, said at a conference organised jointly by the three leading Indian industry lobbies at the ITC Maurya Hotel here.

“Bilateral merchandise trade between our two countries will top $60 billion this current fiscal,” said Wen, who is accompanied by a 400-member business delegation, told the event, attended by Who’s Who of the corporate sector of the two sides.

The Chinese premier said IT, pharmaceuticals and agro-products were areas which Indian exporters can explore for major inroads into China.

India-China bilateral trade stood at $51 billion last fiscal, expanding from around $15 billion in 2005. But China, India’s largest trading partner, enjoyed a trade surplus of $19 billion last fiscal, up from under $1 billion in 2002.

This has become a sore point with India’s commerce ministry, particularly since it is further expected to widen to $24 billion this year. India has been hoping for China to open up its economy for more exports from here.

The Chinese premier said that his visit will see deals worth around $16 billion signed between the corporate sectors. Some 50 deals have already been signed, including a large one between the China Development Bank and Reliance Power.

The business event was organised by the Confederation of Indian Industry (CII), the Federation of Indian Chambers of Commerce and Industry (FICCI) and Associated Chambers of Commerce and Industry (Assocham).

Earlier, Wen said he will seek to boost mutual trust and understanding and cement trade and economic ties between the two Asian giants during his three days in India.

“My visit is aimed at promoting friendship, expanding cooperation, building on our past achievements and opening up new dimensions for mutual benefit and common development of the two countries,” he said.

“China-India relations face major opportunities and enjoy broad prospects,” the premier, who has come on an invitation from Prime Minister Manmohan Singh, said in a statement released on his arrival at noon.

Wen also said the two countries were connected by mountains and rivers and enjoy friendship dating back more than 2,000 years. This year also marks the 60th anniversary of diplomatic relations between the two countries, he said.