New Delhi, Nov 3: The government Thursday said that bilateral trade between India and China would reach $100 billion by 2015.
Commerce, Industry and Textiles Minister Anand Sharma, who is on an official visit to China, expressed confidence that bilateral trade between the two countries would reach the set target of $100 billion by 2015.
As per official data, the total trade volume has gone up from $2.3 billion in 2000-01 to $59.62 billion in 2010-11 (April-March).
The minister also raised concerns on the increasing trade deficit on the Indian side which stands at $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,’ Sharma said in a statement.
According to Sharma, the two countries should work together in easing the administrative and regulatory bottlenecks.
‘Both sides need to work aggressively towards removing administrative bottlenecks and overly restrictive regulatory measures,’ Sharma said in a statement.
Sharma met the governor of Xinjiang province and witnessed the signing of memorandum of understanding (MoU) between state government of Gujarat and TBEA (India) Private Limited for setting up of a ‘green energy park’ with an initial investment of Rs.500 crore.
The proposed plan involves a total investment of Rs.2,500 crore.