India-China Jan trade falls to $3 bn

NEW DELHI: Bilateral trade between India and China has fallen by nearly a quarter in January 2009 compared to January 2008. According to Chinese ambassador to India, Zang Yan, total trade declined to less than $3 billion in the month compared to over $4 billion in the same month a year ago. The ambassador , however, expressed confidence that both countries would overcome the impact of the global slowdown faster than others as their economic fundamentals were strong.

Pointing out that more and more countries were resorting to protectionism to tide over the current times, Mr Yan said India and China should work against protectionism. ���India and China both should work against protectionism , which is greatly harmful to the growth of world economy and growth of free trade and competitive industry,��� he said at an interaction organised by PHD Chamber of Commerce and Industry on Thursday.

The ambassador pointed out that China appreciated India���s positive response to its concerns over some protectionist measures taken against Chinese imports , but said more could be done on the front.

As per figures given by China, trade between the two countries stood at $51.7 billion last year, which was 38% higher than the previous year���s figures.