The trade between India and China can historically be traced back to "The Silk route" some 5,000 years, when India and China traded silk.
While the world is growing rapidly and are exploiting the opportunities offered by the opening of economies, India and China are yet to effectively tap the potential businesses to consolidate the opportunities in the emerging scenario. The developed countries view that India and China are going to dictate the global business scenario in near future, challenging the supremacy of the US and Europe. In this scenario, it is high time the Chinese and Indian entrepreneurs form mutually beneficial partnerships, joint ventures, seek exchange of technologies and sharing of idea to boost the bilateral trade in the future and to become pillars of globalization under a common strategy.
India-China bilateral trade has for the first time nearly touched $2 billion in the year 2000-01 and is already on way to achieving the target of $20 billion in year 2007, a year ahead of earlier projection. It is estimated that the bilateral trade between India and China having a potential worth over $70 billion in year 2010, will create huge and unprecedented opportunities for both countries' business and investors, while bringing about a greater stability in the region. The Chinese accession to the World Trade Organisation (WTO) has further underlined the potential of the Chinese market. A new era is emerging where India and China while encouraging bilateral trade and investment relations, will work jointly to establish common negotiating strategies in the international forum.
With a view to improve the economic ties between India and China through economic and commercial cooperation between the two countries, the India- China Trade Centre (ICTC), was founded in 1997 in New Delhi and Guangzhou, China to enhance India- China economic cooperation through research studies, policy advice and strategic guidelines to business. It is a non-Governmental, member-supported organization for India corporations engaged in business relations with the People's Republic of China. The Centre seeks to facilitate the business efforts between Indian and Chinese commercial and economic communities in the absence of any formal representation of industry in either country.
The ICTC primarily functions in the two complimentary areas of Business Facilitation and Research. It includes strategic business research and services, identifying new business opportunities, strategic information for promoting any business in these markets, information on essential data between the two countries, business development between India and China, corporate policy advisories on India and China in reference to future trends, forecasting services specific to industry and products, trade and information sources specific to industry, assistance in arbitration and other legal services, help expand in other ASEAN markets through viable local contacts etc.
In the field of applied economic research, the organisation works in the field of education, development and cooperation issues, economic and trade policies, Small & Medium Enterprises technology transfer, dissemination of information through publications, seminars and conferences, forecasting services specific to industry and products, trade and information sources specific to industry etc., assistance in arbitration and other legal services, help expand in other ASEAN markets through viable local contacts etc.
India China Trade Centre aims to provide:
. Basic trade data between these countries and information sources on a specific to the industry.
. To provide extensive business services on a wide range of business interests and concerns to individuals member companies.
. Assist and provide strategic information to promote any business between the two countries.
. Research on economic issues, particularly in the area is technological cooperation and trade.
. Assist government in economic policy formulation through in - depth policy research.
. Analysis and advocacy of key policy issues of significance not only to Indian Business but also to the future of India- China relations.
. Support to educational co-operation including joint venture of university of two countries
. Culture cooperation through exchange of documented history, language and cultural practices in the two countries.
. Organise seminars and workshops to enhance interaction among businesses of these countries and augment media and public understanding of complex issues in India- China relation.