Monday, November 26, 2012

India, China sign $5.2 billion deals to deepen economic co-operation

India and China today pledged to deepen economic and commercial ties and create environment for promoting investment to the mutual benefit of the two nations.

As many 11 agreements, entailing investment of $5.2 billion, were inked here during a day-long 2nd India-China Strategic Economic Dialogue.

With a view to promote greater economic and commercial engagement, the two sides have agreed to improve trade and investment environment, remove market barriers and deepen business co-operation, said the minutes of the meeting between Planning Commission Deputy Chairman Montek Singh Ahluwalia and China's National Development and Reform Commission Zhang Ping.

India and China also agreed to enhance transportation links, encourage greater bilateral investments and work towards achieving a more balanced and sustainable bilateral trade.

Ahluwalia told reporters after the meeting, "The message that we are getting from them is that they would like to see deepening of co-operation." He also expressed the confidence that the dialogue will look at measures to increase investment interest and activity through mutual co-operation.

Ahluwalia said that India and China would look at the possibility of initiating pilot projects in different sectors such as water treatment.

Commenting on the success of the dialogue, he said, "I think from the size of Chinese business delegation, they brought around 180 people, it is clear that there is great deal of business interest in business collaboration from both sides".

The bilateral trade between the two countries has shot up from $3 billion in 2000 to $74 billion currently.