India-China Business Alliance launched

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New Delhi March 13

The Ambassador of China to India, Mr Sun Yuxi, on Tuesday said that the forthcoming visit of the Prime Minister, Dr Manmohan Singh, to China later this year would pave the way for India becoming the largest trade and economic partner of China within a decade.

Trade between India and China is expected grow at 40 per cent per annum.

Launching the India-China Business Alliance (ICBA) under the initiatives of the Associated Chambers of Commerce and Industry of India (Assocham), Mr Yuxi said that in order to find synergies between business in China and India, the Chinese Embassy would be issuing `Express Visas' to Indian businessmen who are recommended by the ICBA. The visas would be issued to Indian businessmen intending to set up their manufacturing and export-oriented units in China in cooperation with Chinese businessmen.

"The India-China Business Alliance is one initiative that would also result in removing the existing artificial trade barriers," said Mr Yuxi.

Areas of cooperation

The Ambassador identified eight areas of cooperation, which include telecom, electronics, agri-business, iron and steel, chemicals, cotton, silk and services. Two-way trade between the countries would exceed over $50 billion from the current level of $20 billion over the next decade.

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