— PHOTO: V. V. KRISHNAN

NEW INITIATIVES: (from left) D. S. Rawat, Secretary General, Assocham, Sun Yuxi, Ambassador of China, D. K. Ghosh, Chairman, India-China Business Alliance, and Miao Helin, Leader, Nanjing delegation, at the launch of the alliance in New Delhi on Tuesday.

NEW DELHI: The forthcoming visit of Prime Minister Manmohan Singh to China later this year would pave the way for India becoming the largest trade and economic partner of China within a decade by which time two-way Indo-Chinese trade would grow at the rate 40 per cent annually Sun Yuxi, Chinese Ambassador to India, said here on Tuesday.

Launching the India-China Business Alliance (ICBA) under the initiative of the Associated Chambers of Commerce and Industry of India (Assocham), Mr. Yuxi announced that in a bid to closely knit business synergies of China and India, the Chinese Embassy would be issuing `Express Visas' that are recommended by the ICBA to Indian businessmen.

The alliance is one initiative that would result in removing the existing artificial trade barriers, Mr. Yuxi said.

The two-way trade between India and China would grow at the rate of 40 per cent annually and leave the rest of the world much behind within this region and it is in view of this that the Embassy has decided to issue Express Visas for Indian businessmen intending to set up manufacturing and export oriented units in China in close technical and non-technical cooperation with Chinese businessmen.

The Ambassador identified eight areas — telecom, electrical, electronics, agri business, iron and steel, chemicals, cotton, silk and even services — which would move India even closer in establishing their joint businesses. The retail trade would also witness a substantial increase in the years to come.D. K. Ghosh, Chairman, Assocham India-China Business Alliance, said the current trade growth rate of about 25 per cent between India and China would exceed 35 per cent and finally grow at a level the Ambassador has visualised.

P. K. Sandell, Chairman, Assocham Electronics Committee, echoed similar sentiment.

Miao Helin, Leader of the Chinese Business Delegation, urged that the process for issuance of Express Visas to Chinese businessmen be expedited by Indian authorities.

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