New Delhi, Oct. 10 : India and China have signed a Memorandum of Understanding on trade remedy.

The MoU is aimed at ensuring transparency and better understanding of technical and other matters related to anti-dumping and trade barriers.

Addressing a joint press conference, Chinese Vice Minister on Trade Gao Hucheng and India’s Commerce Secretary G. K. Pillai said that issues related to trade balance were discussed at length during the talks between the two sides.

The trade imbalance at present is in favour of China.

Pillai said that the business worth hundreds of millions of dollars is to be signed on Saturday in the areas of chemicals, textiles, general electric equipment, minerals, steel and cement. Pillai said that the two countries have already crossed the 50 billion dollars mark of two-way trade and the two sides feel that in the next five years the bilateral trade can go up to 100 billion dollars.

Hucheng is heading a 60-member business delegation from his country. (ANI)