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India - China

Bilateral trade to double by 2015

reuters/B Mathur

Indian Prime Minister Manmohan Singh and his Chinese counterpart, Wen Jiabao, have agreed to double bilateral trade to 100 billion dollars by 2015. The agreement came on the second day of a visit by Wen to New Delhi, his first to India in five years. 

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The two premiers also agreed to push Indian exports to China in an attempt to redress a current trade surplus between the countries estimated to be 15.1 billion euros a year in Beijing's favour.

Since arriving in India, the Chinese delegation, which includes 400 business leaders, have signed deals worth 16 billion dollars in a range of sectors from finance to power generation.

Trade between the world's two fastest economies reached 12 billion euros last year and is expected to reach 45.3 billion euros in the current fiscal year to March.

Despite the new deals, there has been little progress by the two sides on a number of nagging disputes. These include a bitter row over their common border in the Himalayas which triggered a brief war in 1962.

A meeting on Thursday managed to reaffirm a commitment to resolving the issue at an early date. The two sides have already held 14 rounds of fruitless talks.

Other sensitive issues include China's close ties with India's arch-rival Pakistan.
 

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