India and China are on course to raise 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% over the previous year. Chinas trade with India is growing at a faster rate than Chinas trade with any other major trading partner.
Even if the growth rate in India-China trade slows down to 25% annually from the current rate of over 50%, bilateral trade between them will be almost $75 billion in 2010 and $225 billion in 2015. It is as large as ChinaUS trade just three years ago, Worldex India Exhibition & Promotion Pvt Ltd director Rajesh Bhagat said.
To tap this growing business opportunities between India and China, the sixth China Products (Mumbai India) Exhibition 2008 is being organized from December 10 to 12, in Mumbai. An extensive range of products varying from industrial to consumer goods would be displayed by more than 100 exhibitors from various provinces of China.
With western countries in the throes of a recession the two Asian giantsIndia and China, both of whom have a huge domestic economyare coming closer than ever before and are likely to become the most important trading partners for each other before 2015, he said. More than $5 billion worth of contracts are signed by Chinese companies for implementation of infrastructure projects in India during the first three quarters of 2007. This was also the highest value for contracts signed by China with any other country in this time period.
For India, China is a bigger trade partner than Japan, the US, or the entire world. For China, India is already one of its top trading partners only after Japan and USA. Of course, Chinas trade with India is growing much faster than with any of the other country making India an increasingly important trading partner for China, he added.