Bilateral trade between India and China is expected to reach 20 billion U.S. dollars by the year 2007, a year ahead of the target set earlier, Union Minister of Commerce and Industry Kamal Nath said in his keynote address at the India-China Joint Business Forum in New Delhi Thursday.

A number of Chinese delegates, including China's Minister of Commerce Bo Xilai, were present on the occasion.

The two Ministers earlier co-chaired the seventh meeting of the India-China Joint Economic Group (JEG).

Bo and Kamal Nath said trade and economic cooperation held the key to strengthening the overall bilateral relationship.

"I reiterate India's deep desire and strong commitment to continue developing a multi-faceted, mutually beneficial trading and economic relationship with China," Kamal Nath said.

In 2000-2001 period, the bilateral trade volume between the two nations was 2 billion US dollars. It increased to 11.3 billion US dollars in 2004-2005 period.

"This year our bilateral trade will be in excess of 15 billion U.S. dollars," Kamal Nath said.

In April 2005, the two countries agreed to make joint efforts to increase the bilateral trade volume to 20 billion US dollars or higher by 2008.

Since 1997, India-China trade has registered a growth of 260 percent, average yearly growth of around 33 percent, Indian Ministry off Commerce and Industry said here Thursday.

Source: Xinhua