India and China to collaborate towards mutually beneficial development and trade says Mr. Liu Guoyu

“The rapidly growing Chinese and Indian economies are the growth engines of the world. China is India’s largest trading partner while India enjoys a position of prominence in China’s international trade. There is significant complementarity between the Indian and Chinese economies. India is the 11th largest trading partner of China (comprising a share of 2.03% in the overall trade of China), 7th largest export destination for China (comprising a share of 2.66% of total Chinese exports to the world) and 16th largest exporter to China (comprising a share of 1.34% in the total imports by China). Apart from trade, India is also the largest market for project exports from China. Going forward the economies should enhance economic cooperation towards sustainable development ”, said Mr. Liu Guoyu, Commercial Counselor, Consulate General of the People’s Republic of China in Mumbai during an interactive meeting with a business delegation from Gansu, China organised by MVIRDC World Trade Centre Mumbai and All India Association of Industries.

The bilateral trade between India and China stands at US$ 66 billion in favour of China. Indian exports to China include cotton raw & yarn, non-ferrous metals, iron ore, other ores and minerals, plastic & linoleum products, spices, Dyes/intermediates, machinery & instruments and petroleum (crude& products). Major imports from China include electronic goods, machinery, organic chemicals, project goods, fertilizers, iron and steel, transport equipments, electric machinery (except electronics) and manufactures of metals. We intend to target bilateral trade worth US$ 100 billion by 2015, he added.

Present on the occasion was Ms Wu Lixia, Vice Chairwoman, China Council for Promotion of International Trade Gansu Provincial Committee. Elaborating on the prospects for mutually beneficial relations between Indian and Gansu, Ms Lixia said the bilateral trade between Gansu and India stood at US$ 12 million during 2012. Gansu imports iron ores from India while exporting agricultural products such as apples, vegetables, beans, industrial products to India. Gansu is a strategic passage connecting India to the Eurasia Continental Bridge and the North-west and North-south of China. Also, the proposed “Silk Road Economic Belt” shall rapidly develop India’s trade and economic relations with China.

Earlier in her welcome address Ms. Rupa Naik, Executive Director, All India Association of Industries said the economies need to promote ebilateral relations through exchange of business delegations, participation in project matching, trade fairs and forums, exhibitions and professional conferences.

Further, MOUs to promote trade and cooperation between the economies were signed between MVIRDC World Trade Centre Mumbai & China Council for the Promotion of International Trade Gansu Provincial Committee & Chamber of International Commerce of Gansu Province and All India Association of Industries & China Council for the Promotion of International Trade Gansu Provincial Committee & Chamber of International Commerce of Gansu Province.

November 27, 2013
  

From L-R : Ms. Rupa Naik, Executive Director, All India Association of Industries, Ms Wu Lixia, Vice Chairwoman, China Council for Promotion of International Trade Gansu Provincial Committee, Mr. Liu Guoyu, Commercial Counselor, Consulate General of the People’s Republic of China in Mumbai, Mr. Wang Yingxin, Deputy Director, Department of Legal Affairs, China Council for the Promotion of International Trade Gansu Provincial Committee and Mr. Y R Warerkar, Executive Director, MVIRDC World Trade Centre Mumbai during an interactive meeting with a business delegation from Gansu, China organised by MVIRDC World Trade Centre Mumbai and All India Association of Industries.