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India China Economic Relations

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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