India, China set trade target of 60 billion dollars for 2010

January 14th, 2008 - 8:21 pm ICT by admin  

A file-photo of Manmohan Singh
By Ashok Dixit

Beijing, Jan.14 (ANI): Expressing satisfaction over the achievement of trade targets well ahead of the scheduled time, India and China today set an enhanced target of 60 billion dollars to be achieved by 2010.

The target, which formed part of the Vision Statement for the 21st Century issued by Prime Ministers Manmohan Singh and Wen Jiabao, was revised from the earlier one of 40 billion dollars as both countries have been achieving the figure two years ahead of time.

Earlier today, while addressing the India-China Business Summit, Prime Minister Singh said that with both countries achieving their stated targets for bilateral economic cooperation two years ahead of schedule, the two governments have been wondering whether there was a need for a constant review and revision of the figure for the better.

The two sides welcomed the positive facets of economic globalisation, and their leaders said, they were ready to face and meet its challenges and ensure a balanced and mutually beneficial form of economic globalisation.

Both sides said that the establishment of an “open, fair, equitable, transparent and rule-based multilateral trading system is the common aspiration of all countries.

Both sides said they looked forward to a favourable conclusion of the Doha Development Round, placing the issues that affect the poorest of the poor at its core.

Prime Ministers Dr. Manmohan Singh and Wen Jiabao also viewed India and China’s participation in regional and multilateral cooperation processes such as SAARC, the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation and the Shanghai Cooperation Organisation positively, saying that such processes were to the advantage of enhanced bilateral ties.

The two sides said they supported and felt encouraged by the processes of regional integration that provide mutually beneficial opportunities for growth in the emerging international economic system. They agreed to strengthen coordination and consultation of regional cooperation mechanisms, including the East Asia Summit and the Asia-Europe Meeting and the Asia-Europe Partnership. (ANI)

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