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India, China Work on a Five-Year Plan on Economic Co-operation

Tuesday, August 28th, 2012

China and India have principally agreed to work on a five-year plan on economic co-operation. Both nations are set to establish a joint working group that aims to address all their trade related issues to strengthen economic relationship. This mutual agreement was reached earlier in August at the ninth session of the India-China Joint Group on Economic Relations, Trade, Science and Technology.
Meeting between the two neighbors was held in New Delhi and was led by the Indian Commerce and Industry Minister Anand Sharma and his Chinese counterpart Chen Deming. “The joint working group will be established soon and it will give its recommendations and assessments in 90 days. We have also agreed to work on a five-year plan on economic co-operation. These have been proposed by Deming and we have welcomed and endorsed it,” said Sharma.
As reported by Economics times, China recognizes the need to strengthen India-China economic relationship and hope to achieve US$ 100 billion bilateral trade target by 2013. India is concerned about the increasing trade deficit in favour of China. Discussions were also made in relation to the restricted market access in areas such as IT, pharmaceutical and agricultural products. During the session, Chinese firms were encouraged to invest in the proposed national investment and manufacturing zone. Indian businessmen were also invited to participate in the fairs and exhibitions in China boost exports.

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