India Seeks More Market Access to and Investment from China

PHNOM PENH, Cambodia (NNN-UNI) – Prime Minister Manmohan Singh today sought greater access for Indian players in the Chinese market in services, information technology and pharmaceutical sectors to balance the trade between the two countries.

During his meeting with Chinese Premier Wen Jiabao, their 14th in the last eight years, Dr Singh also wanted Chinese investment in India's infrastructure which requires one trillion dollars in the next five years.

China is India's largest trade partner but the trade deficit between the two economies has ballooned to 23 billion dollars in China's favour in October this year, as India continues to import more than what it exports to the country.

India and China have set a target of taking their total trade to 100 billion dollars by 2015. The total bilateral trade reached a high of 73.90 billion dollars last year but the figure dropped to 55.6 billion in the first 10 months of this year, a drop of eight per cent.

Briefing the Indian media accompanying the Prime Minister on his "fruitful and detailed" meeting with his Chinese counterpart in the Cambodian capital, Foreign Secretary Ranjan Mathai said Mr Wen told Dr Singh that China is looking for gradually balancing trade and is cognisant of India's interest. --NNN-UNI