CHINESE BUSINESS DELEGATION MEETS JAIRAM RAMESH
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New Delhi DT 11 OCT 2008
15:30 IST
Shri Jairam Ramesh, Minister of State for Commerce, has stated that China is India’s biggest trading partner and India is 10th biggest trade partner for China, and added that India is taking all necessary steps for diversifying its trade basket. During the interaction with the Chinese business delegation which was led by the Chinese Vice Minister, Mr. Gao Hucheng, here today, Shri Ramesh said that India and China should look ahead to explore the possibility of commencing discussions on a mutually beneficial RTA that meets the common aspirations of both countries. The meeting was attended by senior officials from both the countries.
As regards market access for Indian agricultural products into China, especially fruits & vegetables, Shri Ramesh noted that the Chinese side has allowed entry for only 3 items – mangoes, grapes and bitter-gourd – out of 17 and hoped that the rest of the pending fruits and vegetables would be grouped into two groups for a simultaneous finalization of SPS protocols.
Both sides noted that there is a need to increase bilateral investments between the two countries, particularly in sectors like petrochemicals, steel, healthcare, IT automobiles, biotechnology, advanced materials, renewable energy and low carbon technologies.
During the year 2007-08, India’s major exports to China are: iron ore, raw cotton, ores & minerals, plastic & linoleum and machinery & instruments. India’s major imports from China are: electronic goods, machinery, iron & steel, organic chemicals and other commodities.
Source: PIB
Saturday, October 11, 2008
india china trade at $ 37.8 billion in 2007-08
New Delhi, Oct 11, IRNA: India's Union Minister of Commerce and Industry, Kamal Nath, has informed that India-China trade in 2007-08 reached $ 37.8 billion, an increase of 47 per cent over 2006-07.
Interacting with the visiting Chinese Vice Minister, Gao Hucheng, here Friday, Kamal Nath informed that there are enormous opportunities for both India and China in expanding trade in services particularly in construction and engineering, education, entertainment, financial services, IT & IT-enabled services, transport, tourism and health.
Both sides discussed about holding the 8th Joint Economic Group (JEG) at a mutually convenient date.
The 7th JEG meeting was held in March 2006.
After the opening of the third border trade point between India and China, the Chinese side has been looking for expanding the scope of trade through Nathu La.
In July 2007, the Indian side proposed an addition of 24 more commodities tradable through Nathu La, mainly food items.
In turn, the Chinese side proposed 36 commodities including machinery, motor cycles and electrical appliances.
China ranks 64th and the cumulative FDI inflows stood at $ 4.7 million.
The top sectors attracting FDI inflows (January 2000 to March 2008) from China are trading, industrial machinery, mining, hotel and tourism and drugs and pharmaceuticals.
The top sectors attracting technology from China are metallurgical industries, chemicals (other than fertilizers), electrical equipment, industrial machinery and drugs & pharmaceuticals.
Earlier today, a Memorandum of Understanding (MOU) on India-China Trade Remedy Cooperation Mechanism, was signed by G.K. Pillai, Commerce Secretary from Indian side and from Chinese side by Gao Hucheng, Vice Minister
Interacting with the visiting Chinese Vice Minister, Gao Hucheng, here Friday, Kamal Nath informed that there are enormous opportunities for both India and China in expanding trade in services particularly in construction and engineering, education, entertainment, financial services, IT & IT-enabled services, transport, tourism and health.
Both sides discussed about holding the 8th Joint Economic Group (JEG) at a mutually convenient date.
The 7th JEG meeting was held in March 2006.
After the opening of the third border trade point between India and China, the Chinese side has been looking for expanding the scope of trade through Nathu La.
In July 2007, the Indian side proposed an addition of 24 more commodities tradable through Nathu La, mainly food items.
In turn, the Chinese side proposed 36 commodities including machinery, motor cycles and electrical appliances.
China ranks 64th and the cumulative FDI inflows stood at $ 4.7 million.
The top sectors attracting FDI inflows (January 2000 to March 2008) from China are trading, industrial machinery, mining, hotel and tourism and drugs and pharmaceuticals.
The top sectors attracting technology from China are metallurgical industries, chemicals (other than fertilizers), electrical equipment, industrial machinery and drugs & pharmaceuticals.
Earlier today, a Memorandum of Understanding (MOU) on India-China Trade Remedy Cooperation Mechanism, was signed by G.K. Pillai, Commerce Secretary from Indian side and from Chinese side by Gao Hucheng, Vice Minister
FRESH FRUITS & VEGETABLES TO CHINA
China may allow 14 items for trade
New Delhi: India is hopeful that China would allow entry of 14 items in the category of fruits and vegetables under a bilateral trade agreement, Minister of State for Commerce Jairam Ramesh said here on Saturday.
Under the India-China bilateral WTO accession agreement of February 2000, both sides have signed a sanitary and phyto-sanitary protocol to facilitate exports of fresh fruits and vegetable to China.
Mr. Ramesh said Chinese side had allowed entry of only three of the 17 items. — PTI
New Delhi: India is hopeful that China would allow entry of 14 items in the category of fruits and vegetables under a bilateral trade agreement, Minister of State for Commerce Jairam Ramesh said here on Saturday.
Under the India-China bilateral WTO accession agreement of February 2000, both sides have signed a sanitary and phyto-sanitary protocol to facilitate exports of fresh fruits and vegetable to China.
Mr. Ramesh said Chinese side had allowed entry of only three of the 17 items. — PTI
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