Hu lists five-point plan to push Sino-India economic ties
Nov 24, 2006 - 12:35:52 AM
, Reviewed by: Priya Saxena
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He also held talks with the Indian Prime Minister Manmohan Singh and met with President A.P.J Abdul Kalam and Leader of Opposition in Lok Sabha L.K. Advani, among others.
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By Indo Asian News Service,
[RxPG] Mumbai, Nov 23 - Chinese President Hu Jintao ended his four-day visit to India here Thursday, with a meeting with top business leaders during which he proposed a five-point action plan to push bilateral trade and economic ties.
Addressing the India-China Economic, Trade and Investment Cooperation Summit and a Chief Executives' Forum, Hu said the two countries must first work closely so as to realise the target of doubling bilateral trade to $40 billion by 2010.
'The current level of bilateral trade between the two countries is incompatible to their respective sizes but has scope of growth by improving trade structure and increasing technological cooperation,' he said.
Hu, who arrived here Wednesday evening from New Delhi and Agra, said one of the action plans he proposed was to actively explore trade liberalisation. For that a free trade pact between the two countries will lift the business engagement to a new level, he said.
The two sides have already commenced joint feasibility study on a regional trade arrangement and have agreed to conclude the study by October 2007, Hu added.
Hu also said that India and China must strengthen cooperation at a multilateral level and third countries, improve the environment for bilateral investment and combine the respective strengths of the two countries in specific areas.
He identified these areas as information technology, software, energy resources, infrastructure, science and technology and agriculture, and said they offered a great potential for mutual cooperation.
Just as Beijing will encourage Chinese companies to invest in India, it will also encourage Indian companies to invest in China, Hu said. But the two sides must also work toward removing bottlenecks to trade and investment, he added.
Thursday's meeting was co-organised by the three apex chambers - the Federation of Indian Chambers of Commerce and Industry -, the Confederation of Indian Industry - and the Associated Chamber of Commerce and Industry -.
Addressing the meeting, India's Commerce Minister Kamal Nath noted that investment flows between India and China had been miniscule so far and proposed a proposed a target of $5 billion worth.
This, he said was should be easily achievable given the complementarities and synergies of the two economies, which had been additionally bolstered by the Bilateral Investment and Promotion Agreement signed in New Delhi Tuesday.
Kamal Nath also said that the target of $20 billion in bilateral trade set for 2008 would be achieved this year itself.
'Two-way trade, growing at an average annual rate of 32 percent, rose to $18.7 billion in 2005 from US $1.16 billion in 1995, a jump of 15 times in 120 years,' he said, adding: 'China is now India's second largest trading partner.'
Captains of Indian industry, led Ficci President Saroj K.Poddar, CII President R. Seshasayee and Assocham Senior Vice President Venugopal Dhoot also expressed confidence that Sino-India trade can even cross $50 billion by 2010.
'It is important to note that while China's exports to India are diversified, more than 50 percent of India's exports to China are accounted for just by iron ore, slag and ash,' Poddar said.
Kamal Nath and his Chinese counterpart Bo Xilai also issued joint statement that said the two countries would work together for a successful development outcome of the Doha Round of trade negotiations at the World Trade Organisation -.
'The ministers said that there was a lot at stake for the developing countries, especially so as this was a Development Round. Failure cannot be countenanced,' the statement said.
'The outcome must expand trade opportunities for all. But it must also achieve development objectives and safeguard crucial developing country interests such as livelihood security which are the avowed objectives of the Round'.
The Chinese president had started his India visit Monday evening at New Delhi, where he landed after visiting Vietnam and Laos. He concludes his four-nation visit in Pakistan.
In New Delhi, his visit marked the signing as many as 13 bilateral agreements in areas like investment protection, human resources development, forestry, culture and establishment of consulates in Guangzhou and Kolkata.
He also held talks with the Indian Prime Minister Manmohan Singh and met with President A.P.J Abdul Kalam and Leader of Opposition in Lok Sabha L.K. Advani, among others.
Hu - the first Chinese president to visit India in over a decade - also gave a lecture on how India and China can work together to expand cooperation and create a bright future.
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