Indian ambassador to China, Vikram Misri, on Thursday said that the trade between the two is set to cross $100 billion this year. This milestone will be achieved for the first time ever between the two nations. Vikram said that economic and commercial engagement is important for bilateral relations between the two. Last year, the trade came at a record $95 billion.
Bilateral trade between the South East Asian giants and neighbours, India and China, is set to achieve the biggest till now. Indian ambassador to China Vikram Misri said on Thursday that the trade is probably to cross $100 billion.
He said that the economic and commercial engagement between the nations is a major part of the bilateral relations and trade. In 2018, the bilateral crossed $95 billion, and this year expects to cross the 100 billion benchmark.
Chinese investment in the neighbour’s market and Indian investment in China have also seen robust growth in recent years. Chinese companies like Xiaomi, Haier, Oppo, etc, have become household names in the nation. I am also proud to inform that there are around 125 Indian companies operating in mainland China in various sectors like information technology, manufacturing, textiles, food processing,
– Vikram Misri
Clearly, these words seem to be promising about the nations’ future relations.
But the fight between the two nations is still on. The race to reach the highest GDP is still to complete, given that China recently crossed by a small margin. To read more about how India lost its tag of the fastest growing nation in the world, follow: GDP falls as India loses the race to China.
India, China and the US: In-trend trade trio
President Donald Trump has recently buzzed the trade and markets with the Asian giants. With the whole cold-trade-war with China, the blacklisting of Huawei and the whole thread is just a small part of it.
Also, the subcontinent recently lost its preferential trade status with the US. Read more about how and why Bharat lost its trade status. Follow: Will India suffer after losing trade privilege from the US?
All these policies and decisions can shape the market and trade to become something different, not only in Asia but globally.