India and China on Thursday agreed to raise the bilateral trade to USD 100 billion by 2015, step up investments and permit banks of other countries to open branches and representative offices.
The two sides also decided to reduce the trade deficit,
which is in favour of China, said a joint communique issued
after talks between Indian Prime Minister Manmohan Singh and
Chinese Premier Wen Jiabao.
"Set a new bilateral trade target of USD 100 billion by 2015. The two sides agreed to take measures to promote greater Indian exports to China with a view to reduce India's trade
deficit," it said.
The bilateral trade between India and China is expected to be around USD 60 billion in 2010. The bilateral trade imbalance was against India to the extent of USD 19 billion during 2009-10.
China agreed to support Indian participation in its national and regional trade fairs, enhance exchange and cooperation of pharmaceutical supervision and expedite completion of phytosanitary negotiations on agro products.
The two sides decided to grant permission to the banks of the other countries to open branches and representative offices, it said.
Earlier, Reserve Bank of India (RBI) Deputy Governor Shyamala Gopinath and Vice Chairman of China Banking Regulatory Commission (CBRC) signed a memorandum of understanding to enhance cooperation in the banking and financial sectors between the two countries.Gold prices on Thursday fell by Rs 50 to Rs 20,770 per ten grams in the bullion market here Thursday, extending Wednesday's losses amid sluggish demand at
prevailing higher levels, and a weakening global trend.
Silver also weakened by Rs 50 to Rs 44,750 per kg on reduced offtake by industrial units.
Marketmen said subdued demand at existing higher levels and weakening trend in global markets last night, as stronger dollar reduced appeal for precious metals as an alternative
investment, which led to a fall in the prices here.
Meanwhile, gold plunged USD 16.40 to USD 1,379.40 an ounce in New York last evening.
On the domestic front, the gold of 99.9 per cent and 99.5 per cent purity remained under pressure for the second straight day and lost Rs 50 each to Rs 20,770 and Rs 20,650 per ten grams, respectively.
The metal had lost Rs 75 in the previous trading session.
Sovereign, on the other hand, continued to trade at previous level of Rs 16,800 per piece of eight gram in restricted buying.
Silver ready declined by Rs 50 to Rs 44,750, while weekly-based delivery by Rs 115 to Rs 44,225 per kg.
Silver coins traded Rs 100 lower at Rs 48,900 for buying and Rs 49,000 for selling of 100 pieces.