Post-WTO, China sees major trade opportunities
with India
Our Economic Bureau
New Delhi, Jan 2: China will emerge as a major market
for Indian goods after its recent accession to the WTO, according
to commercial counseller of the Chinese embassy Du Chengping
here on Wednesday.
China’s overall imports, which have increased to $200 billion
during 2001 from $180 billion during 2000, would rise further
after its entry into the WTO, Mr Chengping said while addressing
the members of the Federation of Indian Export Organisations
(Fieo).
Referring to India’s trade with China, Mr Chengping noted that
looking at the economy and the market size of the two countries,
the volume of bilateral trade was very meagre amounting to just
$3.5 billion. The items identified by him as having an export
potential in China included IT, pharmaceuticals, bulk drugs,
chemicals, agriculture, marine products, gems and jewellery,
fabrics and minerals.
The counsellor also said the purchasing power of the Chinese
had increased and this was an opportunity for Indian businesses
to increase trade with their Chinese counterparts. Most Fieo-members
wanted to know about the settlement mechanism of trade disputes
and other trade-related laws in China. Mr Chengping informed
that CCPIT was one of the premier trade promotion bodies in
China and Indian businessmen could approach it.
Regarding trade with Chinese businesses, Mr Chengping suggested
that it could be through state trading corporations which
were aware of the market conditions and had sufficient product
knowledge.
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