India, China to expand economic cooperation

NEW DELHI- India and China have decided to expand their economic cooperation. Both the sides agreed yesterday to give a fresh impetus to trade and investment as it would strengthen India-China relationship.

By From Our Correspondent

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Published: Tue 12 Apr 2005, 10:45 AM

Last updated: Thu 2 Apr 2015, 3:59 PM

Ajoint declaration signed between Chinese Premier Wen Jiabao and Indian Prime Minister Dr Manmohan Singh here stated that the two countries would make joint efforts to increase bilateral trade volume to $ 20 billion or higher by 2008. The two sides also welcomed the report of the Joint Study Group (JSG) that was set up to examine the potential complementarities between the two countries in expanded trade and economic cooperation.

The JSG in its report has identified a series of measures related to trade in goods, trade in services, investments and other areas of economic cooperation, and recommended their expeditious implementation to remove impediments and facilitate enhanced economic engagement between India and China, said the declaration.

Both the countries have agreed upon a ministerial-level India-China Joint Economic Group (JEG) to consider Monday's economic cooperation recommendations and coordinate their implementation. "For this purpose, the two sides will make their best endeavour to hold the next meeting of the JEG within the next six months," said the statement.

It was also recommended that an India-China Regional Trading Arrangement, comprising of trade in goods and services, investments, identified understandings for trade and investment promotion and facilitation, and measures for promotion of economic cooperation is identified. Both the sides have noted that the agreement on the Establishment of a Financial Dialogue Mechanism would further facilitate the dynamic and diversifying economic cooperation between the two sides.

"The two sides noted with satisfaction that the two countries have signed the SPS Protocols for the export of grapes and bitter gourd from India to China. The two sides also agreed to constitute a Joint Working Group to implement expeditiously the MoU on Application of SPS between the Chinese General Administration of Quality Supervision, Inspection and Quarantine and the Indian Ministry of Agriculture," said the declaration.

"China positively evaluates market access for Indian rice to the Chinese market and will launch as early as possible the risk analysis procedure of the Indian rice in accordance with relevant Chinese laws and regulations. The two sides agreed to further promote the cooperation in the spheres of education, science and technology, healthcare, information, tourism, youth exchange, agriculture, dairy development, sports and other fields on the basis of mutual benefit and reciprocity," said the statement.

Also, India and China have decided to establish an India-China Steering Committee on Scientific and Technological Cooperation chaired by their ministers for Science and Technology and start consultations on an agreement on mutual recognition of academic certificates and degrees between India and China. Also the two sides recognised the importance of strengthening mutual connectivity and agreed to jointly work towards further enhancement of direct air and shipping links, tourism and people-to-people contacts.

"It was noted that an MoU on major liberalization of civil aviation links between India and China was concluded during the visit," said the declaration. Both sides also agreed to conduct regular exchange of views on major international and regional issues, strengthen cooperation in the WTO and other international multilateral organisations and to continue the consultations on other issues of common concern.

"They agreed to work together to preserve stability and growth in the global economy and reduce disparities between developed and developing countries. They supported an open, fair, equitable and transparent rule-based multilateral trade system and resolved to safeguard the legitimate rights and interests of the developing countries," said a senior ministry of external affair official quoting the declaration.

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