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TOPIC : Free trade can get India-China close
Booming Sino-Indian trade must be freed from all barriers and closer interaction between the businesses of the two nations can bring about faster rapprochement between the two Asian giants, a top Indian executive has said.
"I think if we increase trade between the two nations and not get bound and restricted by issues like dumping, trade deficit or trade surplus. Let trade flow. Make it competitive, make it open and accessible," CEO and Managing Director of Ranbaxy Laboratories Limited, Malvinder Mohan Singh told the media.
"At the end of the day, it is the demand and supply," Singh said amid concern in India that the growing trade surplus in trade may hurt it.
Indian exports to China touched $ 6.9 billion during January-June, up 29.29 per cent over the corresponding period in 2006. At the same time, Chinese exports to India soared by an impressive 64.07 per cent to touch $ 10.24 billion during the first six months of the year compared to the same period in 2006.
India suffered a trade deficit of $ 3.34 billion during the first six months, compared to $ 1.09 billion in the first quarter of 2007, signalling that the deficit is set to reach a new record this year.
"I think this (business) is a very powerful tool and if used correctly, will certainly benefit both nations," he said.
"The way I look at it from a business view point is: we are living in a world where there is interdependence between economies and countries. There are skill-sets and there are strengths every country has," he said.
"India and China have a unique opportunity as they are the two fastest growing economies in the world today. The whole world is looking the countries," he said while being positive on the business outlook of Ranbaxy in China, where the company entered in 1993.
"I have always believed that the political system can strengthen ties between nations. There are two more ways, through people in terms of travel, culture and heritage. The other is through business," he added.
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TRADE INDIA MAIL
