New India, China working group to tackle trade issues
India and China on Monday began discussions aimed at pitchforking bilateral trade to $100 billion by the next year – a move seen as an attempt to mend a relationship fraught with disputes between two of the greatest emerging economic powers of the world.
The two Asian economies have decided to set up a joint working group to address trade issues and also work on a five-year plan for furthering economic co-operation.
"The joint working group will be established soon and it will give its recommendations in 90 days. We have also agreed to work on a five-year plan on economic co-operation. These have been proposed by Deming and we have welcomed and endorsed it," said Anand Sharma, commerce minister after a meeting with his Chinese counterpart Chen Deming.
The two ministers met for the ninth session of the India-China joint group on economic relations, trade, science and technology.
"We have been assured of understanding and support. There has been this issue of data reconciliation, the methodology of calculating the numbers on trade," Sharma told reporters.