India and China on 20 May 2013 decided to scale up its two-way trade to 100 billion dollars by 2015 from 67.8 bn Dollars in 2012-13.
It is worth mentioning here that bilateral trade between the two countries scaled up from 2.1 bn Dollars in 2001-02 to 75.6 bn Dollars in 2011-12 and suddenly it dropped down to 67.8 bn dollars during 2012-13.
Some important points to remember
• India’s trade deficit increased from 1.1 bn dollars in 2001-02 to 40.8 bn dollars in 2012-13.
• In 2012-13, China became India’s fourth largest trading partner from third largest in 2011-2012. Our exports fell from 18.1 bn dollars in 2011-12 to $13.5 bn in 2012-13
• In year 2010, both countries had set a trade turnover target of 60 bn dolars which was achieved.
• An India-China CEOs’ Forum has been constituted to deliberate on business issues and make recommendations on expansion of trade and investment cooperation which will be head by Anil Ambani and Chen Yuan from India and China Side respectively.
As per the exporters increasing of market access to China is critical for a shoot in India’s exports as the country efforts to change its export profile from raw materials to finished and value-added products.