India - China trade

China is set to become India’s largest trading partner as bilateral trade is expected to cross $50 billion in the current financial year, even as the two countries aim to reach yearly commerce of $100 billion by 2013-14. As of now, the United States is the top trading partner for India.
Ironically, three years ago, the two nations were hoping to cross $40 billion mark in trade by 2010. Last fiscal, bilateral trade with China grew 47% to $37.93 billion, including exports worth $10.83 billion and imports of $27.10 billion.The two nations also signed a memorandum of understanding on trade remedy cooperation mechanism, which will ensure transparent levy of anti-dumping duties.In a meeting with Hucheng, commerce and industry minister Kamal Nath highlighted opportunities to expand the economic relations in entertainment, financial services, IT, tourism, transport and health. Both the countries have been looking at expanding bilateral trade through Nathu La. In July last year, the Indian side proposed addition of 24 commodities for trade through this route, while China offered 36 items including machinery, motor cycles and electronic appliances.