Govt. approves creation of Economic Wing in Indian embassy in Beijing

NEW DELHI - The Union Cabinet on Wednesday approved a proposal for creation of an Economic Wing in the Embassy of India in Beijing.

The Economic Wing will deal with matters relating to macro-economic coordination and the G-20, foreign investment, multilateral and bilateral borrowing/lending and financial sector developments in China and the Asia Pacific region.

It is expected to play an effective role in promoting India-China cooperation in large infrastructure projects, and will work towards identification of new areas of cooperation in business and trade. It is also expected to work towards promotion of exports of Indian goods in China as well as financial and technical collaboration between Chinese and Indian firms.

“The Economic Wing in Beijing is expected to substantially support and enhance the negotiating capability of India and strengthen the institutional capabilities of our Mission to enable enhanced cooperation with China, so that the complementary strengths of the two economies can be exploited for mutual benefit,” a Govt. release stated here on Wednesday.

India and China have emerged as the two fastest growing economies in the world. Coordination of efforts to facilitate trade and investment flows between the two countries will create a demand for related infrastructure and other supporting services apart from generating fresh opportunities for cooperation in a wide spectrum of socio-economic services, the released further stated. (ANI)