The Hindu : Business : Progress in India, China RTA talks

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Friday, Dec 09, 2005

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Business

Progress in India, China RTA talks

Special Correspondent

The pact will take into its fold as many as 52 items for developing business partnership

NEW DELHI: India and China have reached an advanced stage for finalising a regional trade agreement (RTA) to enhance their two-way trade to $50 billion by 2010 which has gone up to $13.8 billion by November end from $13.6 billion by the end of March 2005, Chinese Ambassador in India Sun Yuxi said here on Thursday.

Addressing a seminar on `Indo-China Economic Relations: Future Prospects' here, Mr. Yuxi said the proposed RTA will be similar to any other FTA and take into its fold as many as 52 items for developing joint and strategic business partnership between the two countries and lead to establishing their manufacturing base in each other's country.

Some of the important areas identified at the Ministerial level of both the countries for collaboration as per the RTA comprised joint military operations, defence, oil and gas, services, pharmaceuticals, science and technology, software and hardware development and IT, the Ambassador said.

He urged the President, Associated Chambers of Commerce and Industry of India, Anil K. Agarwal, to take up the issue of issuance of visa for Chinese businessmen with India's Ministry of External Affairs which takes as many three months for granting visa to visiting Chinese businessmen against the Chinese practice of issuing visa to Indian businessmen within four days.

Two-way trade projections for 2008 have been targeted for $20 billion, which will accelerate to $50 billion by 2010, said Mr. Yuxi, adding that the increased trade between India and China would be a result of close cooperation both economic and political.

In 2006, India and China would be celebrating the Indo-China friendship year and the two countries would be working out a trade strategy to be unveiled every week of the year, he added.

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