Booming India-China trade can bring two countries closer
Thursday, 6 September 2007
BEIJING, Sept 5 (PTI): Booming Sino-Indian trade must be freed from all barriers and closer interaction between the businesses of the two nations can bring about faster rapprochement between the two Asian giants, a top Indian executive has said.
"I think if we increase trade between the two nations and not get bound and restricted by issues like dumping, trade deficit or trade surplus. Let trade flow. Make it competitive, make it open and accessible," CEO and Managing Director of Ranbaxy Laboratories Limited, Malvinder Mohan Singh told the news agency in an interview here.
"At the end of the day, it is the demand and supply," Singh said amid concern in India that the growing trade surplus in trade may hurt it.
Indian exports to China touched USD 6.9 billion during January-June, up 29.29 per cent over the corresponding period in 2006. At the same time, Chinese exports to India soared by an impressive 64.07 per cent to touch USD 10.24 billion during the first six months of the year compared to the same period in 2006.
India suffered a trade deficit of USD 3.34 billion during the first six months, compared to USD 1.09 billion in the first quarter of 2007, signalling that the deficit is set to reach a new record this year.
"I think this (business) is a very very powerful tool and if used correctly, will certainly benefit both nations," he said.
"I think if we increase trade between the two nations and not get bound and restricted by issues like dumping, trade deficit or trade surplus. Let trade flow. Make it competitive, make it open and accessible," CEO and Managing Director of Ranbaxy Laboratories Limited, Malvinder Mohan Singh told the news agency in an interview here.
"At the end of the day, it is the demand and supply," Singh said amid concern in India that the growing trade surplus in trade may hurt it.
Indian exports to China touched USD 6.9 billion during January-June, up 29.29 per cent over the corresponding period in 2006. At the same time, Chinese exports to India soared by an impressive 64.07 per cent to touch USD 10.24 billion during the first six months of the year compared to the same period in 2006.
India suffered a trade deficit of USD 3.34 billion during the first six months, compared to USD 1.09 billion in the first quarter of 2007, signalling that the deficit is set to reach a new record this year.
"I think this (business) is a very very powerful tool and if used correctly, will certainly benefit both nations," he said.