Source: www.aceglobalonline.com
Topic: China's Economic
Sort Desciption: India China Economic Relations Page 1 July 2005 India China Economic Relations While comparisons of the Indian and Chinese economic performance and their shares of the world market in various sectors ...
Content Inside:
India China Economic Relations
July 2005
India China Economic Relations
While comparisons of the Indian and
Chinese economic performance and their
shares of the world market in various sectors
continue unabated, the recent trend in
bilateral trade and an emerging strategy of
close economic cooperation between the two
countries represents a significant
development in the region.
Together, China and India account for nearly
$2 trillion in GDP, and represent the worlds
largest and fastest-growing markets for mass
consumption goods, as well as a wide range
of industrial raw materials, energy and
capital goods.
Background
After a long hiatus in bilateral relations
following a war in 1962, the two countries
embarked in the mid 1980s on a process of
dialogue recognizing their common interest
in trade, regional stability and to capitalize
on each others economic strengths. In 1984
India & China signed a Trade Agreement,
providing for Most Favoured Nation (MFN)
status. Full-scale trade relations were
restored in 1992, even as dialogue on other
pending border issues continued on a
cooperative note. The two countries signed a
Double Taxation Avoidance Agreement in
1994, and also became dialogue partners in
ASEAN.
Bilateral relations have deepened in recent
times to include common positions in the
international arena, notably at the UN
Security Council, and the WTO. High-level
visits have increased in recent years, the
highpoints were the visit of Indian Prime
Minister (Mr. A B Vajpayee) in 2003, and the
recent visit of Chinese Premier Wen Jiabao
in April 2005.
During Chinese premier Wen Jiabaos visit in
April 2005, India and China announced a
new "strategic partnership for peace and
prosperity", pledging to resolve long-standing
border disputes and boost economic
cooperation bilateral trade by reducing trade
barriers and enhancing multilateral
cooperation.
Trade Flows
Bilateral trade grew by more than 53 ...
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