NEW DELHI – After holding delegation-level talks on key security and strategic matters, Chinese Prime Minister Wen Jiabao and his Indian counterpart Prime Minister Manmohan Singh issued a joint communique which showed that both the nation agreed to raise bilateral trade to $100 billion by 2015, step up investments and permit banks of other countries to open branches and representative offices.
The two sides also decided to reduce the trade deficit, which is in favour of China, the communique said. “The two sides agreed to take measures to promote greater Indian exports to China with a view to reduce India’s trade deficit,” it said.
The bilateral trade between China and India is expected to be around $60 billion in 2010. The bilateral trade imbalance was against India to the extent of $19 billion during 2009-10.
China agreed to support Indian participation in its national and regional trade fairs, enhance exchange and cooperation of pharmaceutical supervision and expedite completion of phytosanitary negotiations on agro products.
The two sides decided to grant permission to the banks of the other countries to open branches and representative offices, it said. Earlier, RBI Deputy Governor Shyamala Gopinath and the vice chairman of the China Banking Regulatory Commission signed a memorandum of understanding to enhance cooperation in the banking and financial sectors between the two countries.
