India-China trade has potential worth $80 billion in 2015: ICCCI

MUMBAI: The bilateral trade between India and China has a potential worth over $ 80 billion in 2015 from $ 70 billion in 2014.

"Despite the devaluation in Chinese yuan and fluctuations in rupee value, we are hopeful of upward trend in bilateral trade between India and China, which is having potential to touch $ 75-80 billion in 2015 from $ 70 billion in 2014," India China Chamber of Commerce & Industry (ICCCI) President Kashi S Deora told reporters here.

This will create huge and unprecedented opportunities for both the countries, he said.

China's exports to India increased by 9.8 per cent, 16.3 per cent to Thailand and 12.5 per cent to Vietnam in the January 2015-July 2015 period.

Economic cooperation between India and China in the last decade has been a remarkable story, from very modest beginning of $ 2 billion in 2000-01 to $ 70 billion.

China has become India's largest trade partner and India is China's seventh largest export destination.

"The leaders as well as the captains of the industry, belonging to both India and China, noted with appreciation the positive momentum in investment projects as Chinese companies respond to the invitation of Prime Minister Narendra Modi to 'Make in India' and Indian companies expand their presence in China," Hong Kong-based Meorient Exhibition CEO Gavil Fang said.

A large delegation comprising around 600 of China's leading furniture, textile, electronics, LED manufacturers, traders are expected to visit Mumbai in December, Fang added.

"We import chemicals, agri products, metals, electronics, tiles, sanitarywares and furnitures from China," Deora said.

After the successful visit of Liu Weiping, Governor of Gansu province of China, last week, Governors of Guodong and Shandong and Mayor of Shanghai are expected to visit the country in November to boost the trade, Deora added.