The China Council for the Promotion of International Trade (CCPIT) has asked both India and China to accelerate the process to set-up Sino-Indian Free Trade Area (FTA).
Addressing a conference organized by the Confederation of Indian Industry (CII) on 'China: A India Opportunity,' Wang Jinzhen, Assistant Chairman, CCPIT stated that both countries are the world's largest developing economies but the bilateral trade and economic cooperation is insignificant.
To expand and establish China-India FTA, both countries require to work out jointly. This issue is under study and should be speed up the process, Jinzhen added.
The Chinese government has target to raise bilateral trade between India and China to $20 billion by 2008 and $30 billion by 2010.
India is the only country in South Asia, with China has a trade surplus. During the period of Jan-May 2005, Sino-Indian trade reported $7.71 billion, 41 percent up over the same period of last year. Chinese exports are comprise machinery, electrical goods and textiles, whereas, India's exports to China are mainly mineral products, chemical products and plastics, said Jinzhen.
Targeting to encourage Indian entrepreneurs to invest in China, he opined that China was anticipating its GDP of the year 2000 to double by 2010 and redoubled by 2020.
The CCPIT and the CII signed an agreement to boost trade and commerce besides exchange of data and business delegations between China and India.
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