India, China decide to add a new fillip to economic ties
In a bid to explore “untapped opportunities”, India and China have together decided to infuse a new momentum in their economic relationship. The steps in this direction include establishing industrial parks to take the bilateral trade beyond current $ 65 billion annually.
With bilateral trade standing close to USD 65 billion, China is India’s biggest trading partner. However, the trade deficit between the two countries is in China’s favor at about $40 billion. The two-side trade also slipped by 1.5%, registering a declining trend for the second consecutive year in 2013. India has consistently been raising the issue of widening trade deficit and seeking greater market access in China to fill the gap. India maintains that one way to tackle the asymmetry is to open up Chinese markets to IT-enabled services, home furnishings and cotton textiles and also in pharmaceuticals.