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India-China bilateral trade growing at the fastest rate in the world Asian giants to dominate World Trade by 2025
According to International think tanks, India and China is growing at the fastest rate. But what is more interesting their bilateral trade is growing at the fastest rate in the world. By 2025, India and China may jointly dominate the world trade completely. There may be a situation that an international company can only survive in the West if it can market to India-China block.
According to media sources, with trade between India and China touching a record US$9.93 billion in the first half of 2005, the Federation of Indian Export Organisations (FIEO) Friday forecast that bilateral trade volume could zoom to US$462 billion by 2010.
"If we are able to maintain the current growth of nearly 80 per cent, our trade volume will reach USD 462 billion by the year 2010," Chairman of the FIEO Northern region R K Dhawan said here.
Addressing a Buyer-Seller meet here, Dhawan, who is leading a multi-sectoral FIEO business delegation to China noted that bilateral trade between both the countries has recorded rapid growth since 1991.
In the last five years, bilateral trade has shown a high growth trend from 23 per cent in 2001 to 79 per cent in 2004, he said. The bilateral trade volume last year amounted to US$13.6 billion he said.
India-China bilateral trade registered a growth of nearly 40 per cent in the first half of this year, offering plenty of scope for Indian businesses to undertake trading and commercial operations in China, currently the world's third largest trading nation, he said.
Investment and economic cooperation between the fastest-growing economies have also picked up in recent years.
Projects in China with a contractual value of US $ 268 million and actual investment of US $ 93.4 million.
BIZ/FINANCE ARTICLES
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