MercoPress. South Atlantic News Agency

Asia’s emerging giants move closer; agree trade goal of 100 billion USD by 2015

Prime Minister Manmohan Singh and Chinese Premier Wen Jiabao: 2.5 billion shake hands

India and China agreed to raise the bilateral trade to 100 billion US dollars by 2015, step up investments and permit banks of other countries to open branches and representative offices.

The two sides also decided to reduce the trade deficit, which is in favor of China, said a joint communiqué issued after talks between Prime Minister Manmohan Singh and Chinese Premier Wen Jiabao.

“Set a new bilateral trade target of 100 billion by 2015. The two sides agreed to take measures to promote greater Indian exports to China with a view to reduce India’s trade deficit,” it said.

The bilateral trade between India and China is expected to be around 60 billion in 2010. The bilateral trade imbalance was against India to the extent of 19 billion during 2009/10.

China agreed to support Indian participation in its national and regional trade fairs, enhance exchange and cooperation of pharmaceutical supervision and expedite completion of phytosanitary negotiations on agro products.

The two sides decided to grant permission to the banks of the other countries to open branches and representative offices, it said.

Earlier, RBI Deputy Governor Shyamala Gopinath and Vice Chairman of China Banking Regulatory Commission (CBRC) signed a memorandum of understanding to enhance cooperation in the banking and financial sectors between the two countries.