India, China Trade Targets $100 Billion

0
232

NEW DELHI – India and China will kick-start discussions next month covering a spectrum of sectors aimed at doubling bilateral trade to $100 billion (Rs 460,000 crore) by 2015 under a ‘Strategic Economic Dialogue’ – a move seen as an attempt to mend a relationship strained by disputes between two of the world’s greatest emerging economic powers.

Planning Commission deputy chairperson Montek Singh Ahluwalia will lead a delegation to Beijing in September-end to define the broad contours of a framework for enhanced economic cooperation in the energy, steel, telecommunication, banking, technology and pharmaceutical sectors, among others.

Zhang Ping, chairman of the National Development and Reform Commission – China’s equivalent of the Planning Commission – will lead discussions on behalf of the world’s fastest-growing economy during the two-day talks beginning September 26.

The two countries had agreed to establish the dialogue when Chinese Premier Wen Jiabao’s visited India in December 2010.

New and renewable energy sources are expected to be one area where the two can cooperate to their mutual benefit. India’s 12th five-year plan (2012-16) calls for generating more power through these sources, such as wind and solar power. Likewise, China’s 12th five-year plan (2011-15) focuses on a greener approach to economic growth.

India has also sought market access for 17 fruits and vegetables.