Bilateral trade between India and China, the two fastest growing economies, is forecast to touch a record level this year at $10 billion, compared with last year's $7.6 billion.
Academics and experts attending the fourth meeting of the India-China Eminent Persons' Group in Beijing said this.
Total volume of bilateral trade between India and China reached an all-time high of $7.598 billion in 2003, representing an impressive growth of 53.6 per cent over 2002.
While India's imports from China rose by 25.1 per cent in 2003, growth of India's exports to China was higher at 86.9 per cent for the same period.
At the end of 2003, India's exports to China stood at $4.253 billion, while imports from China were worth $3.345 billion.
The volume of bilateral trade has increased in each of the last 11 years. Trade volume increased from a low base of $338.5 million in 1992 to $4.95 billion in 2002. From 2000 onwards, trade volume has increased dramatically, both in terms of total volume and rate of growth, official sources said.
"We feel that the frequent trips and meetings between various Indian and Chinese peoples are of great importance to fostering closer understanding and economic cooperation," Liu Shuqing, the co-chairman of EPG said.
"The bilateral economic prospects for China and India, the world's two largest developing countries, will surely embrace a rosier future," Liu was quoted as saying by China Daily.
The EPG was set up by India and China in the year 2000 to serve as an advisory body for the two governments on boosting Sino-Indian exchanges and co-operation so as to enhance mutual trust and friendship.
Liu, a former Chinese Vice Foreign Minister, said the Chinese side would propose dozens of 'specific suggestions' covering a range of topics from bilateral economic ties, cultural exchanges to border talks during the meeting which commenced in Beijing on Wednesday.
"Indeed, the current economic and trade ties between the two have not yet lived up to the expected level of bilateral co-operation," he said.
Zhou Gang, secretary-general of EPG, noted that in June last year, India and China had decided to set up a compact Joint Study Group composed of officials and economists to examine potential commonalities and to draw up a programme for the development of China-India trade and economic co-operation over the next five years.
Official sources said both sides were 'actively making preparatory works' for the first meeting of the JSP, but declined to give more details.
