India and China, the two emerging nations often regarded as global growth machines, are aiming to boost bilateral trade between the two leading Asian economies to $100 billion by 2015. The two Asian giants enjoyed a bilateral trade of a record $73.9 billion in the previous year. However, India’s trade deficit with China enlarged to $27.07 billion, even as Indian exports grew nearly 13 percent to $23.4 billion, according to official data.
Indian Prime Minister Manmohan Singh, who is in Brazil to attend Rio+20 Summit, met his Chinese counterpart Wen Jiabao and brought to his notice the large trade surplus in China's favor. The Chinese premier, who met Manmohan Singh for the 13th time since 2004, acknowledged that India has a large trade deficit with the Asian giant and in that context he said rice exports from India would be allowed soon.
Chinese officials have assured India that it can start exporting basmati rice to Asia’s largest Chinese economy soon following a long and tortuous six-year process that has been seen as underscoring the difficulties of navigating the complex bureaucratic hurdles that bar entry into the Chinese markets. Now that the regulatory issues, which existed earlier, have resolved Indian exporters may soon begin shipping basmati rice to China after both countries agree on a mutually satisfactory quarantine protocol.
Wen Jiabao has also vowed to encourage Chinese investments in India's infrastructure. India has set an investment target of at least Rs 2 lakh crore for core sector projects in the current fiscal. The two leaders also spoke of the joint mechanism set up by the two sides and agreed to form an inter-ministerial group within their respective countries on maritime matters, and deploy officials to hold formal talks on subjects pertaining to security, trade, navigation and other issues, including piracy.
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