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New Delhi, Oct 8 : Opening a new chapter in the India-China business relations, the two countries are expected to sign at least 36 memorandum of understandings (MoU) in different sectors that would be worth $370 million during the maiden Chinese business delegation’s visit to India scheduled for next week.
Talking to FE, sources in Ficci said that the 60-member delegation coming from China will be inking MoUs in various sectors including: Textile machinery, garments, steel, agriculture, science and technology and electronics.
Business delegation from China, comprising all the major Chinese companies, is arriving here next week on the first-ever ‘government procurement’ mission to India that Beijing hopes will reduce the nine-billion dollar plus trade gap that exists between the countries. Chinese vice minister of commerce Gao Hucheng is leading the impressive delegation that will have senior executives of China Chemicals, China Petrol, China Machinery, China Grid and Sino Steel, Sinochem Corporation—all leading state-owned enterprises—as well as other representatives of key Chinese companies.
Representatives from some of the Indian companies which will be signing the MoUs include Reliance Industries Ltd, Allianz India, Bharat Mining Co, Ranbaxy Laboratories Ltd and Kotak Ginning and Pressing Ind Ltd.
According to Liang Shu He, deputy director-general of foreign trade department in the commerce ministry of China, India and China were on course to raise their bilateral trade to $ 60 billion by 2010, which was the target set by the Prime Ministers of both the countries in 2005.
Bilateral trade in calendar year 2007 stood at $ 38.65 billion, registering an increase of 56 per cent over the previous year. Recently, a delegation from China’s foreign trade department was visiting New Delhi to promote Indian participation in the 104th edition of the Canton Fair beginning October 15.
Both the countries have signed a bilateral market accession agreement in February 2000 in the context of China’s accession to WTO.
The agreement included list of concessions on goods granted by China to India. The MoU signed including Chinese commitments on Tariff Rate Quotas for Agricultural Products; Phyto-sanitary measures; pharmaceuticals; banking and insurance.
During the 6th meeting of India-China JEG, both countries had signed an agreement on issues relating to the WTO. During his visit to China last year, minister for Commerce & Industry Kamal Nath held detailed discussions with Chinese Ministers of Commerce and Agriculture on the issue of current state of deliberations in the Doha round of WTO.
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