Source: CCTV.com

10-12-2008 12:57

China and India have signed pacts to increase cross border trade and reduce the trade gap. The two sides also addressed allegations of dumping, and promised cooperation and greater transparency.

Expanding ties: The Commerce Secretary, Mr G.K. Pillai, and the Chinese Vice-Minister, Mr Gao Hucheng, at a press conference after signing an agreement on trade remedy cooperation mechanism, in the Capital on Friday. 
Expanding ties: The Commerce Secretary, Mr G.K. Pillai, and
the Chinese Vice-Minister, Mr Gao Hucheng, at a press conference
after signing an agreement on trade remedy cooperation mechanism,
in the Capital on Friday.(File photo) 

The deals signed covered different sectors including textile machinery, garments, steel, agriculture, and electronics. The total value was about 370 million US dollars.

Besides bolstering two way trade, the deals are also considered a way to escape the deadlock that scuppered ministerial talks at the World Trade Organization in July.

G. K. Pillai Indian, Commerce Secretary, said, "India and China have had a very close cooperation in the WTO as we have supported each other in ensuing a development dimension to the Doha round of talks and we hope to take this cooperation further in our bilateral relationship to increase trade between our two countries."

The Chinese delegation says the documents signed can help reduce the trade deficit, by at least nine billion dollars, if not more. India has accused China of dumping at WTO conferences, and the Chinese side said increased negotiation and cooperation is important to resolve the problem.

Gao Hucheng, Chinese Vice Minister of Commerce, said, "China and India are the most frequently targeted members in the WTO in the anti-dumping investigations. My counterpart has said that we have enjoyed rapid expansion in bilateral relations, so in terms of trade remedies, it is highly necessary for the two countries to step up cooperation at the technical level between businesses and the governments."

The two countries plan to raise their trade volume to 60 billion US dollars by 2010. Bilateral trade in 2007 stood at nearly 39 billion US dollars, which was an increase of over 50 percent over the previous year.

 

Editor:Yang Jie