Business Daily from THE HINDU group of publications
Friday, Nov 24, 2006

Cross Currency

Group Sites

Home Page - Foreign Relations
Industry & Economy - Foreign Trade
Hu's `Panchsheel' to boost bilateral trade

Our Bureau

TRADING PARTNERS: The Chinese President, Mr Hu Jintao, and the Union Commerce & Industry Minister, Mr Kamal Nath, at the India-China Economic, Trade & Investment Cooperation Summit held in Mumbai on Thursday. — Paul Noronha

Mumbai , Nov. 23

On the concluding day of his four-day visit to India, the Chinese President Mr Hu Jintao scripted a `Panchsheel' to expand trade and economic co-operation between India and China.

Stepping up bilateral trade, strengthening co-operation in key areas, improving the investment climate, encouraging tie-ups for third country projects and establishing a China-India free trade area are the five steps suggested by Mr Hu.

Addressing a gathering of businessmen and industrialists under the joint auspices of three top Indian industry bodies — FICCI, CII and Assocham — in the commercial capital of the country, the Chinese leader suggested that Indian and Chinese companies should set up joint ventures in third countries to explore opportunities in the energy sector.

Pointing out that both countries have extensive common interests in international energy, he also said that the companies should be encouraged to go in for joint bidding for third country energy projects.

He said Indo-China trade is now growing at the rate of 32 per cent and the $20 billion target, set for 2008, is expected to be exceeded this year itself. A new target of $40 billion has been set for 2010. China is now India's second largest trading partner and India is China's largest trading partner in South Asia.

He said the strengths of India and China in information technology, energy resources, infrastructure, science and technology and agriculture are mutually complementary and offer great potential for co-operation.

The Chinese government will continue to encourage competitive Chinese companies to make investments and do business in India and Indian companies are welcome to explore business opportunities in China.

Mr Hu suggested that India and China should strengthen coordination in the World Trade Organisation and other multilateral organisations to jointly uphold the rights of the developing countries.

The Commerce Minister Mr Kamal Nath said bilateral investments between India and China are expected to grow $5 billion by 2010.

More Stories on : Foreign Relations | Foreign Trade

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Adclub BL Hiring

Stories in this Section
Hu's `Panchsheel' to boost bilateral trade

Siemens to divest stake in arm to Nokia
India ventures, big winners for foreign telcos
Telecom growth to continue: Fitch
Cairn raises Rs 3,700 cr ahead of IPO floatation
Cabinet approves IPOs of three power PSUs
Tata Steel may up bid for Corus
Siemens Q4 net rises 31% on higher net sales
`Regional bourses must kick-start consolidation process'
Order cancellation hits Hind Const
Expansion buzz propels Dhanuka
Rlys serves special menu for diabetics, heart patients
Howrah Bridge: Glowing with new radiance
Delisting cos must pay fair exit value: SEBI

The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2006, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line