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Sino-India trade pegged at US$20b by 2010 Trade between China and India is expected to double to US$20 billion by 2010, an Indian official said in New Delhi Friday. Bilateral trade in 2004 is pegged at US$10 billion. There are not only growth opportunities in traditional areas like steel, pharmaceuticals, automobiles and chemicals, but also export potential in sectors like foodgrains, Nalin Surie, India's ambassador to China, said. "I am very positive, there is a desire on both sides to take the relationship to a qualitatively new level. Economics will be a driving factor," he said in a speech to the Confederation of Indian Industries. He said trade between the two countries had touched a significant US$1.87 billion during the January-February period and could exceed US$10 billion this year. Trade will touch US$20 billion by 2010 provided there a change in the export basket and anything additional will be a bonus, he added. Surie said one area in which India has so far not penetrated the Chinese market is foodgrains and agri-commodities in which that country fixes annual import quotas. Apart from tapping the potential in agri-sector, India should also look for greater trade with China in software, he said. |
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