India and China should expand and include high value items in their trade baskets to triple the bilateral trade in the next five years, said B.S. Raghavan, former Policy Advisor to UN (FAO) on Tuesday.
Delivering the special address at the MoU signing ceremony between Tamil Chamber of Commerce (TCC) and China Council for the Promotion of International Trade (CCPIT) of Shandong sub-council, he said that the composition of export-import were lopsided and India exported low value items such as iron ores, slag, coal, ash and cotton yarn.
Mr. Raghavan said that India export lists should include financial services, Information Technology Enabled Services, construction and engineering, pharmaceuticals, agro production, education, entertainment, tourism, health and transport as the potential for it in China was huge.
On the MoU, he said that it blazed a new trail for other chambers to follow. The agreement valid for three years was signed by TCC president Chozha Naachiar Rajasekar and CCPIT chairman Liu Fanghui.
It called for creating an optimum business environment and promoting business interests at international level.
Mr. Rajasekar said that they would provide information and advisory services on how to do business in Tamil Nadu, exchange trade statistics, organise trade missions, seminars, business match-making and training to tap on market potentials of Tamil Nadu and China.