Sept. 17 – India’s ambassador to China, S. Jaishankar, gave a hopeful speech at a seminar organized by the China Council for Promotion of International Trade and the Federation of India Chambers of Commerce & Industry (FICCI) on Tuesday.
Ambassador Jaishankar discussed the intense and deliberate transformation of ties between India and China. Trade has been the key driver of growth; a decade ago annual turnover was US$300 million and now bilateral trade exceeds $US52 billion.
The Ambassador highlighted three points regarding India-China cooperation:
1) Appropriate policy choices are required for continued trade expansion. He cautioned that the exceeding high trade growth should not lead to “complacency” between the two countries and that limitless opportunities still exist for the future.
2) High trade activity leads to further trade negotiations. India’s trade to China is primarily in commodities and raw materials and there are concerns about market access. The ambassador requests the FICCI to open up on introducing Indian products into the Chinese market.
3) With India’s infrastructure sector growing at enormous rates, sourcing equipment from China is growing in conjunction. Indian companies are reporting difficulties executing projects due to sourcing delays. The ambassador called for use of an India-specific approach which is based on “a tradition of entrepreneurship, a history of industrial labor and a vibrant civil society” for dealing with the issues at hand.
Ambassador Jaishankar concluded with the desire to create “win-win situations” for both India and China where continued growth and cooperation are paramount.
