India, China set trade target of $100 bn by 2015 (Lead)December 16th, 2010 - 4:39 pm ICT by IANS
New Delhi, Dec 16 (IANS) India and China Thursday agreed to establish a strategic economic dialogue and set a new bilateral trade target of $100 billion by 2015 to bridge the trade deficit. A joint communique was released after one hour of formal talks between Indian Prime Minister Manmohan Singh and visiting Chinese Premier Wen Jiabao.
They signed six agreements in diverse areas ranging from media and cultural exchanges to green technologies and agreed to activate a hotline between their prime ministers.
The bilateral document said both sides had “set a new bilateral trade target of $100 billion by 2015″. “The two sides agreed to take measures to promote greater Indian exports to China with a view to reduce India’s trade deficit,” it added.
Besides, there was also a decision to establish a “Strategic Economic Dialogue to enhance macro-economic policy coordination, to promote exchanges and interactions and join hands to address issues and challenges appearing in the economic development and enhance economic cooperation”.
They welcomed the opening of the telephone hotline between the prime ministers and agreed on regular consultations between the two leaders on issues of importance to both countries.
“There is enough space in the world for the development of both India and China and indeed enough areas for India and China to cooperate,” the joint communique said.
Further, India welcomed Chinese investment in infrastructure development in roads, railways and manufacturing sector.
“The two sides agreed to encourage greater mutual investment and project contracting cooperation between businesses of the two countries, appropriately handle economic and trade frictions and differences and jointly oppose protectionism in all forms,” it added.
An India-China CEO’s forum has been set up to deliberate on business issues and make recommendations on expansion of trade and investment cooperation.
- India, China target $100 bn trade, set up CEO's Forum (Second Lead) - Dec 16, 2010
- India, China identify new opportunities to realize vast potential for future growth - Dec 16, 2010
- 'Stapled visa issue', still in for in-depth discussions - Dec 16, 2010
- India, China reject rivalry, seek strategic consensus (Second Lead) - Dec 16, 2010
- India, China set to hold first strategic economic dialogue - Sep 01, 2011
- Economic dialogue will help develop mutual trust: Wen Jiabao - Sep 27, 2011
- India, China ink six pacts, activate hotline between PMs - Dec 16, 2010
- India, China target $100 bn trade, but no headway on stapled visa (Roundup) - Dec 16, 2010
- India conveys its concern to China over terrorism emanating from Pakistani soil - Dec 17, 2010
- India-China agree to have 5-year economic cooperation plan - Aug 27, 2012
- India, China to deepen investment, open up markets - Sep 26, 2011
- Wen Jiabao gets ceremonial welcome, says confident of expanding India-China ties - Dec 16, 2010
- China denied rivalry with India, drums up trade, $16 bn deals (Roundup) - Dec 16, 2010
- Building a trade wall to offset India-China differences (News Analysis) - Dec 18, 2010
- India, China to hold maiden strategic economic dialogue - Sep 25, 2011
Tags: bilateral trade, china set, chinese investment, cultural exchanges, economic cooperation, economic dialogue, economic policy coordination, frictions, india china, indian exports, indian prime minister, indian prime minister manmohan singh, infrastructure development, investment cooperation, manmohan, manmohan singh, prime minister manmohan, prime minister manmohan singh, prime ministers, target