Indo-China trade pegged at US$20 billion by 2010

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Last updated at: (Beijing Time) Friday, April 02, 2004

Indo-China trade pegged at US$20 billion by 2010

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Economics will be the driving factor in its relationship with China and trade between the two countries is expected to double to 20 billion US dollars by 2010, a government official said Friday in New Delhi.

Bilateral trade in 2004 is pegged at 10 billion dollars.

There are not only growth opportunities in traditional areas like steel, pharmaceuticals, automobiles and chemicals, but also export potential in sectors like foodgrains, Nalin Surie, India's ambassador to China, said.

"I am very positive, there is a desire on both sides to take the relationship to a qualitatively new level. Economics will be adriving factor," he said in a speech to the Confederation of Indian Industries.

He said trade between the two countries had touched a significant 1.87 billion dollars during the January-February period and could exceed 10 billion dollars this year.

Trade will touch 20 billion dollars by 2010 provided there a change in the export basket and anything additional will be a bonus, he added.

Surie said one area in which India has so far not penetrated the Chinese market is foodgrains and agri-commodities in which that country fixes annual import quotas.

Apart from tapping the potential in agri-sector, India should also look for greater trade with China in software, he said.

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