Indo-China Trade Poised To Grow

Indian industry is looking forward to Prime Minister Manmohan Singh''s upcoming visit to China with the hope to expand its trade basket but is wary of a Free Trade Agreement (FTA) with Beijing, saying it is too early to sign it. As Singh, accompanied by a high-profile business delegation, begins his maiden three-day visit from January 13, the Indian industry also expects that the visit would further boost Chinese investment in India in sectors such as roads, power, highways, urban infrastructure and manufacturing. Indian businesses have grown manifolds since the last visit of the Indian Prime Minister in 2003. The bilateral trade is at $34 billion, a 10-fold jump since 2002, with a growing trade deficit between the two countries. It is expected to reach $40 billion or more by 2010.