China, India set new target for trade

Dec. 16, 2010 at 10:09 AM
| License Photo

NEW DELHI, Dec. 16 (UPI) -- Leaders of China and India said Thursday they would move to increase bilateral trade 66 percent in the next five years.

A statement issued by Prime Minister Manmohan Singh and Chinese Premier Wen Jiabao said the two countries would "set a new bilateral trade target of $100 billion by 2015."

Currently, bilateral trade between India and China amounts to about $60 billion per year, Press Trust of India reported.

On Wednesday, Wen announced that Chinese leaders had secured $16 billion worth of business contracts during a three-day visit to India.

The communication released Wednesday said, "The two sides agreed to take measures to promote greater Indian exports to China with a view to reduce India's trade deficit."

In the most recent figures, India runs a trade deficit with China of about $19 billion a year.

But Prime Minister Singh said, "There is enough space in the world for China and India to grow and fulfill the development aspirations of their people respectively."

Like Us on Facebook for more stories from UPI.com  
Latest Headlines
Top Stories
Compact cannon for British armored vehicles
Hess completes Bakken joint venture
Brazil orders search-and-rescue aircraft
Whole Foods apologizes for overcharging customers
BP settles with U.S. coastal states for $18.7 billion