In an effort to address India’s concern over growing bilateral trade deficit, at $24 billion this fiscal, Chinese Premier Wen Jiabao on Wednesday said he was open to more imports and would try to expand the prospects for Indian exporters.
“We will offer more platforms for Indian products in China.” Wen told business leaders at the India-China Business Cooperation Summit jointly organised by Ficci and other industry bodies. The Chinese premier said that his visit will see deals worth around $16 billion signed between the corporate sectors. Some 50 deals have already been signed, including a large one between the China Development Bank and Reliance Power.
Wen accompanied with a high level business delegation of around 400 members, said, ?Bilateral merchandise trade between our two countries will top $60 billion this current fiscal.”
The Chinese premier said IT, pharmaceuticals and agro-products were areas which Indian exporters can explore for major inroads into China.
India-China bilateral trade stood at $51 billion last fiscal, expanding from around $15 billion in 2005. But China, India’s largest trading partner, enjoyed a trade surplus of $19 billion last fiscal, up from under $1 billion in 2002.
This has become a sore point with India’s commerce ministry, particularly since it is further expected to widen to $24 billion this year. India has been hoping for China to open up its economy for more exports from here.
Ficci and the China Chamber of Commerce for Import & Export of Machinery & Electronic Products signed a Memorandum of Understanding (MoU) to promote the trade and investment cooperation and realize mutual benefit and win-win result between bilateral businesses in the indusry of complete equipment & engineering inculding the sectors of power, telecommunications, metallurgy and cement production line.