China to become India's largest trading partner

The relations between India and China are improving fast amid growing trade ties between the two countries, a top Chinese official said. Addressing an international seminar on 'BRICS and the new World Economic Order' in Visakhapatnam in Andhra Pradesh state Saturday, Minister-Counsellor and DCM (Deputy Chief of Mission) Embassy of China, Deng Xijun said that the bilateral economic cooperation had witnessed a sustained growth over the past few years, pti reported. Xijun said that trade volume between the two countries had increased more than ten times in the past 11 years. 'Last year, the bilateral trade between the two countries had reached new heights, despite the global economic and financial crisis,' he said. The two-way trade reached USD 74 billion in 2011 and China has become one of the largest trade partners of India and vice versa, he said. 'In 2010, both sides agreed to set a new target of 100 billion US Dollars for bilateral trade by the year 2015. People-to-people and cultural exchanges had become a new highlight of bilateral relations. The two countries organized China Festival in India and Indian Festival in China,' he added. 'High level of interactions have maintained a strong momentum and the leaders of two countries have maintained frequent exchange of visits over the past few years,' Xijun said. He said both countries have maintained close consultation and coordination in the UN, WTO, G-20 and BRICS and on many major international and regional issues, such as the global financial and economic crisis, climate change, food and energy security, anti-terrorism as well as issues related to the situation in the West Asia and North Africa. 'China and India are enjoying growing convergence of interests and are committed to the building of a fair, just and reasonable international economic, financial and trade order,' he added.