China Will Surpass US as India's Largest Trade Partner

May 21 (LPAC)--Trade between India and China is growing rapidly and will reach the 2010 target of $40 billion by next year and Beijing is likely to surpass Washington as New Delhi's largest trade partner soon, said Chinese ambassador to New Delhi, Sun Yuxi.

'We can easily surpass the target of $40 billion before 2010. It's possible to reach this target next year,' the Chinese envoy said in New Delhi on May 21 at a seminar organized the Confederation of Indian Industry (CII)to explore economic opportunities in Jiangsu region of China for Indian companies. India and China had set the target of achieving $40 billion bilateral trade by 2010 during Chinese President Hu Jintao's visit here in November last year.

Dispelling the impression that India and China are rivals, the envoy stressed that the economies of both countries are growing at a fast rate and therefore their partnership is set to grow in the future. "If we become full partners, we will lead the world in business spheres," he said.

"We could reach $50 billion by 2010. Some are even suggesting bilateral trade could be around $80 billion by 2010," said Ambassador Sun. "India-China trade is growing at the rate of 40 per cent per year. It will exceed $30 billion this year," the envoy said. "If trade continues to grow at this rate, China will overtake the US to become India's largest trading partner," the envoy added, while conjuring a robust picture of the growing economic relations between the two countries.