Addressing concerns of Indian industry doing business in China, Prime Minister Manmohan Singh on Monday said the governments of both the countries will work together to put in place an environment for greater trade, investment and economic interaction by creating a level-playing field, dealing with issues such as non-tariff barriers, IPR protection and market-related exchange rates.
"I would like to assure this gathering that both governments will work together to put in place an enabling environment for greater trade, investment and economic interaction. This has to include creating a level-playing field by addressing such issues as non-tariff barriers, intellectual property rights (IPR) protection and market-related exchange rates," Singh said.
"Our two economies are becoming engines of economic growth and must use our natural and human resources, technology and capital for the common benefit of the region," Singh said in his address at the India-China Economic, Trade and Investment Summit on the second day of his three-day maiden visit to China.
Noting that the bilateral trade with China has doubled in the last two years, Singh said the trade target of $ 20 billion set by 2008 was reached two years ahead of schedule and the revised target of $ 40 billion by 2010 was likely to be achieved two years in advance.
"This makes me wonder whether our two governments have been underestimating the capabilities of our respective industries and a strong urge to do business with each other. We therefore propose to set more ambitious targets," he said ahead of his meetings with the top Chinese leadership.