Press Esc to close
Monday 20 February 2017
News updated at 8:58 AM IST
Weather
Max: 29.3°C
Min : 15.9°C
In Bengaluru
clear sky

India, China ink 11 pacts to boost trade

New Delhi, Nov 26, 2012, DHNS:
Keen on expanding bilateral commerce, India and China on Monday signed as many as 11 pacts, including those worth over $ 5 billion in the private sector alone and vowed to work in a more business-friendly manner, but left out a discussion on the crucial security issue surrounding trade.

Business cooperation, removal of trade barriers and improvement in trade and investment environment were discussed at the second India-China Strategic Economic Dialogue, Planning Commission Deputy Chairman Montek Singh Ahluwalia said after his meeting with chairman of China’s National Development and Reforms Commission Zhang Ping.

Indian Railways too agreed to coordinate with Beijing for cooperation in developing high-speed rail corridors in selected routes in the country which followed a decision to set up an infrastructure working group to work out details of future cooperation in rail sector.

“The message that we are getting from them is that they would like to see deepening of co-operation," Ahluwalia said, but regretted to reporters queries on whether trade-related security concerns, important both for India and China, were discussed at the meeting.

“No discussions on security issues,” he said. India imports a variety of mobile telephone equipment from China to bridge the demand-supply gap in telecom sector but these imports have posed security threats.

The strategic dialogue between the two countries, which among other things is expected to address trade imbalances and job creation, comes a week after Prime Minister Manmohan Singh sought greater Chinese investments during his meeting with Premier Wen Jiabao in the Cambodian capital Phnom Penh.

India-China trade, at present, is heavily tilted in China’s favour. India's trade deficit with China reached nearly $40 billion in the fiscal year 2011-12. In the bilateral trade of $75.45 billion last year, India’s exports were stood at $17.90 billion and import at $57.55 billion.

To address this, India is seeking better access to Chinese markets, particularly in IT, services and pharmaceutical sectors. The MoUs signed between the two countries on sharing technology in energy efficiency are expected to help achieve the objective in a great way.

In private sector, an MoU was signed between Reliance Power and Guangdone Mingyang Wind Power Industry Group Co, Ltd for a 2,500 MW renewable energy project envisaging an investment of $3 billion with project financing from the China Development Bank.

Lanco Group too entered into an agreement with the China Development bank for financing $600 billion among others which included NIIT and Province of Hainan joined hand to set up an IT technology park in Hainan with an investment of $ 800 million.
Besides, five working groups were created on policy coordination, energy and infrastructure, which has the scope for furthering India’s economic growth.

 

Go to Top

Photo Gallery
Theater Person Lakshmi Chandrashekar in an interview to Prajavani Metro for ' Naa Kanda...

Theater Person Lakshmi Chandrashekar in an interview to Prajavani Metro for ' Naa Kanda...

A n aircraft take off in a backdrop of sun set on the last day of the 11th biennial edition...

A n aircraft take off in a backdrop of sun set on the last day of the 11th biennial edition...

A Truck caught fire , at Road in Tinsukia, Assam on Saturday...

A Truck caught fire , at Road in Tinsukia, Assam on Saturday...

Virat Kohli speaks at 49th All India Central Revenue Sports Meet ...

Virat Kohli speaks at 49th All India Central Revenue Sports Meet ...

Indian Air Force's helicopter aerobatic team 'Sarang' on the last day of the 11th Biennial edition..

Indian Air Force's helicopter aerobatic team 'Sarang' on the last day of the 11th Biennial edition..

Skycat Wingwalkers, the Scandinavian aerobatic team, makes a heart on the last day of AERO INDIA...

Skycat Wingwalkers, the Scandinavian aerobatic team, makes a heart on the last day of AERO INDIA...

A three-months-old hippopotamus is seen with its mother Pippa at the Le Cornelle Animal Park...

A three-months-old hippopotamus is seen with its mother Pippa at the Le Cornelle Animal Park...

Bollywood actor Neil Nitin Mukesh with his wife Rukmini during their wedding reception in Mumbai...

Bollywood actor Neil Nitin Mukesh with his wife Rukmini during their wedding reception in Mumbai...

A ball of fire from explosives goes up during the ongoing U.S.-Thai joint military exercise...

A ball of fire from explosives goes up during the ongoing U.S.-Thai joint military exercise...

Sibrerian birds frolic over Narmda River waters in Jabalpur...

Sibrerian birds frolic over Narmda River waters in Jabalpur...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523