India, China strengthen business ties at Guangzhou trade fair

October 16th, 2008 - 7:16 pm ICT by IANS  

New Delhi, Oct 16 (IANS) Indian and Chinese exporters Wednesday signed a pact at a trade fair in Guangzhou, China, to promote bilateral trade cooperation.”This (agreement) is an attempt to realise the target of $60 billion bilateral trade by 2010,” said Ajay Sahai, director general of the Federation of Indian Exports Organisations (Fieo) at the 104th China Import Export Fair in Guangzhou.

Fieo, the apex body of various export promotion councils in India, signed the agreement with the China Council for Promotion of International Trade.

Chinese companies had Oct 11 signed trade contracts worth millions of dollars with their Indian counterparts in New Delhi, which according to Chinese Vice Minister of Commerce Gao Hucheng is the first major step to close the yawning trade gap between the two countries.

Over 30 agreements worth $350 million were inked between Indian and Chinese companies.

Sahai in a statement said better wages in China and constant appreciation of its currency created an ideal condition for Indian companies to market in that country.

Fieo is taking part in the Guangzhou fair, China’s biggest business expo, with an over 70-member delegation from top India companies. Over 55,000 companies are participating in the above mega event from across the globe.

Indian companies have also received ample response especially in sectors concerning consumer goods and engineering items, said Fieo in the statement.

Fieo has also planned to set up a warehouse facility in Guangzhou in China, which will become operational shortly.

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