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India : China-India FTA on cards - potential for cooperation in textiles |
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2004-8-5
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China has displayed keen interest in signing free trade agreement (FTA) with India, according to China Council for the Promotion of International Trade (CCPIT), a Chinese government body for promoting global trade.
"We have to utilise strengths of both economies to seize emerging opportunities," says Wang Jinzhen, assistant chairman, CCPIT "We can take on the world together. FTA will be a win-win situation for both the countries."
The Chinese officials were amazed at the active role played by India in the recently concluded WTO negotiations at Geneva, for protecting the interest of developing countries.
"India has played a vital role to make it a success," says Jinzhen.
Earlier this year, India and China have formally launched talks to study the feasibility of signing a FTA as well as a comprehensive economic co-operation agreement.
The trade between the two countries is likely to touch $10 billion this year. Corporate India, however is sceptical on a rushed FTA with China.
Currently, a 100 member Chinese delegation headed by Shao Quiwei vice-governor of Yunan province is in India to explore business between two countries.
Focussing on promotion of co-operation in textile sector, the Chinese delegation met several industry leaders.
"Textile is a potential sector for cooperation," says E V K S Elangovan, Indian minister of state for commerce and industry at the CII-organised India-China business conclave.
He added that China has become India''s number one trading partner in the North East Asian Region overtaking Japan.
Apprehensive about entering India, Chinese businessmen said that there were several hurdles for them to enter India. "It is quite easy for Indian businessmen to enter India than Chinese businessmen to set up business here," said a Chinese business leader.
"We want procedures to be simplified to enable businessmen from China to come and work here," says Jinzhen. |
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