Chinese Enterprises Sign 40 Purchases Of India Products
China has adopted fast and forceful measures to balance the trade surplus between India and China in the trade imbalance. China's large state-owned enterprises, private enterprises and India companies signed 40 memorandum of understanding in New Delhi, and planned to purchase 390 million US dollars worth of products from India, including polyethylene, polypropylene, marine products, aluminum, manganese, cotton, chromium and castor oil.
India has signed a memorandum of understanding with Chinese enterprises, including Reliance Industries Ltd. Sterlite Industrial Company, Ranbaxy company, Adari Wimar company, BALCO company, Bharat mineral company and TT company.
The Chinese side attended the signing ceremony. Gao Hucheng, Vice Minister of Commerce of China, has Dinesh Sharma, the Joint Secretary of the Ministry of Commerce in India.
In 2007-08, bilateral trade between the two countries amounted to 38 billion US dollars, India exported US $11 billion, and imports from China amounted to US $27 billion, of which 50% of iron ore exports.
Mr. Sharma said that the memorandum of understanding signed today will strengthen trade relations between India and China, further promote trade exchanges, solve trade imbalances, and make trade baskets more diversified and trade wider. (Jia Xiao)
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