The Union Minister for Commerce, Industry and Textiles Shri Anand Sharma has expressed confidence that India China are on course to achieve the bilateral trade target of US$ 100 billion by 2015. Trade between India and China has seen exponential growth in the last few years. As per the trade statistics of DGCI&S the total trade volume has gone up from US $ 2.3 billion in 2000-01 to US $ 59.62 billion in 2010-11 (April-March). The Minister met the Governor of Xinjiang province of China Mr Nur Baki here today.
However, The Indian Minister raised the issue of Indian concern for the trade deficit. Trade deficit for the Indian side has increased from US $ 9.1 billion in 2006-07 to US $ 20.8 billion in 2010-11. A balanced trade is needed for long term, sustainable and harmonious development of economic cooperation between the two countries. Shri Sharma said that the area of drugs and pharmaceuticals is an important segment of our efforts to diversify our bilateral trade basket. Both sides need to work aggressively towards removing administrative bottlenecks and overly restrictive regulatory measures, in order to boost development of all round cooperation in this area. The Indian Minister also highlighted renewable energy where Chinese Government has fixed a target of 100 GW by 2020, as another area with great potential for export from Indian side.
Both the leaders agreed that an Indian delegation should visit Xingjiang province for exploring the possibilities of promoting Indian products in handicrafts, handloom and films.
Both the Minister also witnessed the signing of MoU between Government of Gujarat and TBEA (India) Private Limited. TBEA Energy (India) Private Limited is proposing a FDI investment of Indian Rs 500 crore during first phase of a three phase of a three phase 'TBEA Green Energy Park' Project with a projected total investment of Rs 2500 Crores.