By IANS
New Delhi : Trade between India and China is surging at great speed and will reach the 2010 target of $40 billion by next year and Beijing is likely to surpass Washington as New Delhi's largest trade partner soon, said Chinese ambassador Sun Yuxi.
"We can easily surpass the target of $40 billion before 2010. It's possible to reach this target next year," the Chinese envoy said here Monday at a seminar organised to explore economic opportunities in Jiangsu region of China for Indian companies.
"We could reach $50 billion by 2010. Some are even suggesting bilateral trade could be around $80 billion by 2010," said Sun. The seminar was organised by the Confederation of Indian Industry (CII).
"India-China trade is growing at the rate of 40 per cent per year. It will exceed $30 billion this year," the envoy said.
Bilateral trade exceeded $20 billion last year.
"If trade continues to grow at this rate, China will overtake the US to become India's largest trading partner," the envoy said, while conjuring a robust picture of burgeoning economic relations during the two countries.
India and China had set the target of achieving $40 billion bilateral trade by 2010 during Chinese President Hu Jintao's visit here in November last year.
Dispelling the impression that India and China are rivals, the envoy stressed that the economies of both countries are growing at a fast rate and therefore their partnership is set to grow in the future.
"If we are partners, we will lead the world in business sphere," he said.
The envoy also presented Zhenjiang city in Jiangsu province as "one of the best places in China to do business with" as it has the requisite infrastructure and entrepreneurial energy to attract investment in the region.
Shi Heping, party secretary, CPC Zhenjiang committee, invited Indian businessmen to invest in this province that is one of the most dynamic business hubs in China.
Shi is currently leading a 15-member business delegation to India.