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Dec. 16, 2010 / 10:09 AM

China, India set new target for trade

Manmohan Singh, India's prime minister, poses for a group photo with the heads of delegations attending the Nuclear Security Summit with U.S. President Barack Obama at the Washington Convention Center in Washington on April 13, 2010. UPI/Andrew Harrer/Pool

Manmohan Singh, India's prime minister, poses for a group photo with the heads of delegations attending the Nuclear Security Summit with U.S. President Barack Obama at the Washington Convention Center in Washington on April 13, 2010. UPI/Andrew Harrer/Pool | 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."

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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."

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