India, China to set up JWG aims to fill trade gap

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Saurabh Gupta | 27 Aug, 2012
In order to abridge the widening trade gap between India and China, the leaders of both the nations today discussed the issues and agreed to set up a joint working group (JWG) between India and China to foster investment.

"We both have agreed to establish a joint working group of senior officials of the two countries, which will address the all trade related issues. Also go beyond the mandate that will include trade and investments and issues related to market access in IT and ITES and Indian agricultural products," the Union Minister of Commerce, Industry and Textiles Anand Sharma told media at a press conference in New Delhi, just after the 9th session of India-China Joint Economic Group (JEG) meet.

Sharma said, "The working group will be establish soon and will give its recommendations and assessments in 90 days to be precise. The working group will continue to work investment and trade matters there after also."

"Chinese Commerce Minister Chen Deming has proposed this joint working group to address the issues pertaining the trade, the data and the methodology that should be looked into as the earliest," he added.

The total bilateral trade between India and China for the financial year 2011-12, stood at USD 75457.42 million as compared to USD 59000.36 million during 2010-11. During FY 2011-12, the exports stood at USD 17902.98 million while the imports stood at USD 57554.44 million. The provisional trade deficit for 2011-12 stood at USD 39,651.46 million.

The Union Minister Sharma met Chinese Commerce Minister Chen Deming in New Delhi today. Both the ministers assured their support for collaborative partnership between India and China.

Sharma said, "Today we discuss on our assessment on present global economic scenario, its impact and also shared understanding that China and India, are the two major economies and countries which have potential to contribute in the global economic growth and recovery, need to deepen and diversify trade and economic partnership."

He said, "We have both agreed to seriously look at encouraging investment."

The Indian minister invited China to participate in India's National Investment and Manufacturing Zone (NIMZ).

"We have invited China to participate and support in the establishment of one or more of the National Investment and Manufacturing Zone (NIMZ) that we have. Decided to establish under the national manufacturing policy....and I am very happy...that the response have been positive and encouraging," Sharma added.