China to sign more than $16b of deals with India | Pakistan Today

China to sign more than $16b of deals with India

NEW DELHI: Chinese Premier Wen Jiabao said on Wednesday China may give greater access to India’s IT, pharmaceutical and agricultural industries, as Chinese companies will sign more than $16 billion worth of deals with Indian companies, according to Reuters.
Wen, making his first visit to India in five years, said China and India’s future prosperity lies in partnership not rivalry. Heading a 400-strong delegation of Chinese business leaders aiming to boost trade ties and ease tensions in a relationship long marked by mutual suspicion, Wen said, “China and India are partners for cooperation, not rivals in competition.”
In recent years, competition for global markets and the raw materials needed to keep their economies on the move has exacerbated historic tensions over border disputes, protectionism and the activities in India of Tibet’s exiled spiritual leader, the Dalai Lama.
Despite the numerous diplomatic spats, bilateral trade has boomed and is set to reach 60 billion dollars this fiscal year, up from 42 billion dollars the year before. Acknowledging India’s concerns over a trade surplus in China’s favour of between 18 and 25 billion dollars, Wen said China stood ready to “facilitate access” of Indian IT and pharmaceutical products to the Chinese market.
“There is enough space in the world for the development of both China and India,” he said, adding that the search for the resources needed to fuel their economies should never be allowed to descend into “vicious competition”.
Pakistan and China signing 35 agreements: Prime Minister Yousaf Raza Gilani on Wednesday said a total of 35 memoranda of understanding (MOUs) and agreements will be signed between Pakistan and China, as well as a new five-year bilateral cooperation agreement, during the forthcoming visit of Chinese premier Wen Jiabo.
Talking to reporters, the prime minister said 13 MOUs would be signed by the two governments while 22 agreements would be signed by private sector business and trade delegations. He said the visit would enhance business-to-business contact between the two countries. – Detailed story -Page 05



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