Buoyed by a 54 per cent growth in trade at $7.6 billion, India and China have decided to work out a 5-year programme to enhance economic cooperation, including a free-trade agreement.
The Sino-Indian Joint Study Group on trade and economic cooperation, which met in Beijing during March 22-23, discussed various measures to increase trade and the possibility of signing a free trade agreement and another comprehensive economic cooperation agreement.
The Indian delegation, headed by Reserve Bank of India Deputy Governor Rakesh Mohan, also expressed confidence of working closely with its Chinese counterparts and submit a report to the government by December end, an official release said in New Delhi.
The two sides will work out a clear timetable and a specific 5-year programme for economic cooperation.