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Assocham, Chinese trade body sign MoU

Assocham on Monday inked a memorandum of understanding with China Council for Promotion of International Trade to promote and facilitate joint ventures and economic relations between the two countries.

The MoU, signed by Associated Chamber of Commerce and Industries' president, Raghu Mody, currently leading a 16-member business delegation to China, and vice-chairman of CCPIT Wan Jiei, stipulates mutual co-operation in formation of JVs and consultancy services, the chamber said in a release in Beijing.

"There is tremendous potential for enhancing trade between the two countries," Wang Jinzhen, director general of International Relations of China, said in a message to the chamber.

The 16-member delegation under the aegis of Assocham is expected to ink several agreements and about 12 MoUs with their Chinese counterparts in a host of sectors including hydro-power, biotechnology, telecom and electronic equipment, cargo and logistics during this week-long visit.

Pointing to the existence of certain impediments like lack of understanding, inadequate and imperfect trade promotion agencies, to the fruition of business ties between the two countries, Assocham said these could be resolved through direct contacts between Indian and Chinese businessmen.

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