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India becomes 10th largest trading partner of China

Jan '07
With European Union maintaining its position as China's top trading partner, trade between China and India reached a record $24.9 billion last year to make India the 10th largest trading partner of China, reports the latest Chinese foreign trade statistics.

The buoyant trade has exceeded the $20 billion goal two years ahead of target.

China's total bilateral trade with the EU rose 25.3 per cent to hit $272.3 billion.

The two Asian countries had signed an agreement in 2005 to raise bilateral trade volume to $20 billion by 2008.

Chinese Premier Wen Jiabao's visit to India in 2005 and that of President Hu Jintao's in 2006 have reinforced Sino-Indian trade and economic cooperation, reports Chinese Commerce Ministry.

China's major exports to India are mobile phones, antibiotics, coal, coke, textile machinery and spare parts. China's major imports from India are iron ore and concentrate, steel products, primary plastics, alumina and diamond.

China signed economic and technical contract worth $7.012 billion with India which resulted into achieving a turnover of $2.108 billion by end of 2006.

Chinese companies won project contracts worth $3.298 billion in 2006, making India one of China's most important overseas project contracting market.

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