News Updates
Thursday, March 25, 2004
NEWS UPDATES
India, China launch formal talks on FTA ( 1045 hrs)
India and China have formally launched talks to study the feasibility of signing a bilateral Free Trade Agreement (FTA) as well as a Comprehensive Economic Cooperation Agreement (CECA) to cement their booming commercial ties, official sources said.
Senior officials from the two sides discussed the possibility of signing a FTA and CECA during the first meeting of the Sino-Indian Joint Study Group (JSG) on trade and economic cooperation here, the sources said.
The JSG held a 'working meeting' here from March 22-23 and discussed measures for comprehensive trade and economic cooperation between India and China, they said, adding the two sides also discussed the framework, work contents and other modalities of the functioning of the JSG.
The study group was recently constituted on the basis of a mandate contained in the first-ever India-China Joint Declaration signed during Prime Minister Atal Bihari Vajpayee's historic visit to Beijing last June.
Both sides expressed confidence that they would work together in order to be able to submit to the two governments economic and trade cooperation proposals by end December 2004.
As per the India-China joint declaration, the JSG was expected to submit the report to the two governments by end of June, 2004.
The JSG comprises officials and economic experts of the two sides and has the mandate to study the potential factors for expanding bilateral trade and economic cooperation and work out a five-year plan for Sino-Indian trade and economic development and to encourage the enterprises of the two sides to strengthen cooperation.(PTI)
Business Standard Ltd.