The Confederation of Indian Industry (CII) on Tuesday welcomed the landmark bilateral agreement between New Delhi and Beijing to open up an ancient border trade port through the Northeastern state of Sikkim and Tibet in China.
Welcoming the signing of the border trade agreement between India and China, CII president Anand Mahindra said here that the move is "sure to go down in history as a milestone in developing bilateral ties between the two neighbouring countries".
He also welcomed the initiatives of the two governments to step up further economic cooperation between China and India.
The India-China border trade agreement reopens the ancient trade pass at Nathu La in Sikkim and China's Tibet autonomous region.
On Monday, China announced the establishment of a corpus of $500 million towards the achievement of the trade target of $10 billion.
The two government's also signed an agreement for issuance of six-month multiple entry visas with multiple stays of less than 90 days each to promote short-term trade business related travel.
A big CII CEO delegation that is accompanying Prime Minister Atal Bihari Vajpayee to China also had fruitful interactions with members of the CCPIT as well as other Chinese business delegates.
The CII also inked a key agreement with China's apex trade body to achieve the targeted $10 billion bilateral trade figure at an early date.
An MoU signed here between CII and the China Council for the Promotion of International Trade (CCPIT) is part of CII's five-point agenda to work towards the achievement of the bilateral trade target of $10 billion, Mahindra said.