Trade & Commerce

China and India identified trade as a medium to maximize convergence and narrow the trust scarcity between Asian nations during a visit by Rajiv Gandhi in 1988 to Beijing. Business ties experience friction owing to mutual suspicion since 1962, when both the countries witnessed a bitter border war. However, commerce between these two nations picked up in the last decade especially post Mr. Zhu Rongji visit in 2002.

Bilateral trade was estimated to touch $70 billion in 2011-12 as it recoded $60 billion in 2010-11. Approximately $20 billion was in Beijing’s favor. Going back in 2009-10, the trade balance in China’s favor was $16 billion. Indian exports to China comprise raw materials such as iron ore. On the other hand Chinese important India includes finished products for instance telecom and power equipment that benefits both nations mutually.

Keeping aside past conflicts, both India and China have agreed to set up strategic economic dialogue to facilitate macro-economic policy coordination, promote exchanges and join hands to address international challenges and concerns in economic development and improve cooperation.

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