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."