Bilateral trade to hit $50b in 2010
Sino-Indian bilateral trade has witnessed impressive growth in recent years, and is maintaining the trend.
According to Indian industry sources, Sino-Indian bilateral trade is likely to reach $50 billion by 2010.
Last year, Ministry of Commerce (MOFCOM) in China reported that bilateral trade for 2006 was expected to reach $20 billion.
The figure was also a target for the year 2008, which was laid out by the two governments several years ago.
However, according to MOFCOM's latest statistics, the two nations have fulfilled the targets two years ahead of schedule.
By the end of November, the bilateral trade had already hit $22.2 billion, 11 percent higher than MOFCOM's estimated figure for the whole year.
Given the dynamic development, China hopes to enhance dialogue and understanding between the two nations, solving trade conflicts and optimizing trade climate, said Chinese President Hu Jintao in a statement.
The two countries have launched regional trade arrangement feasibility research, which is expected to be completed before October this year.
The complimentary trade structure between the two nations is the foundation to establish bilateral free trade relations, Hu said.
(China Daily 01/26/2007 page18)
