India, China trade to touch $60 bn this yr: FIEO

NEW DELHI: Apex exporters body FIEO today exuded confidence that the bilateral trade between India and China would touch USD 60 billion this financial year.

To boost trade with China, Federation of Indian Export Organisations (FIEO) has sent a delegation of 100 businessmen from sectors like carpets, stainless steel household products, handicrafts and engineering, to the neighbouring country.

The delegation would meet senior functionaries of China Foreign Trade Center and other government officials of Guangdong province during their stay.

"The (bilateral trade) target for the current year is USD 60 billion....(it) should be possible with such efforts," it said in a statement.

The two-way commerce in 2009-10 stood at USD 42.4 billion.

It said that some of the delegates raised concern about the high rate of import duty in China on specific products which is an irritant in export to that country.

"However, the participants felt that with increasing wages, high cost of credit and Yuan appreciation, China will lose some of its competitiveness giving an edge to Indian products," it said.

FIEO also said that it would participate in the Canton Fair Phrase III edition starting from May 1.