In a significant development, Asian economic giants India and China have decided to coordinate positions on contentious trade and investment issues like agriculture, Trade Related Intellectual Property Rights and public health, at the World Trade Organisation.
"View of both the countries are converging on these issues and this we see as a significant development because of the size of the two economies accounting for more than one third of the world population," Commerce and Industry Minister Arun Jaitley told reporters in New Delhi on his return from China.
Prime Minister Atal Bihari Vajpayee's visit has triggered discussions at various levels. Conditions of far reaching consequences have been created enabling the trade ambassadors of the two countries to coordinate positions, in Geneva on issues of common interest, Jaitley said.
On trade and investment, which constitute one of the four Singapore issues, Jaitley said India and China have identical views.
The two countries were opposed to negotiations on trade and investment at WTO so far, as it has not been made clear what constituted the parameters.
The Indian and Chinese sides also discussed the issue of textiles, especially the scenario after the phase-out of quota regime, even though the two countries are major competitors in the sector.
Jaitley, who had a detailed discussion with his Chinese counterpart Lu Fuyuan during the prime minister's five-day visit, said the two countries have also decided to double bilateral trade to $10 billion by 2008.
India, whose trade with China has increased by almost 100 per cent in 12 items, has identified 17 farm products apart from mango for stepping up exports.
Jaitley said China has promised it would consider India's demand for restarting exports of tobacco.
Discussions have also opened up the possibility for export of Indian grains to Beijing, Jaitley said, adding that the trade deliberations were "very positive".
A high-powered trade delegation from China is expected to visit India in November.
