In the backdrop of a slump in
demand for the iron ore in his country, a senior Chinese embassy official today
underlined the need to establish long term trade agreements and a new pricing
system with India for maintaining demand and supply equilibrium.
Mr Peng Gang, Economic and
Commercial Counsellor of the Chinese Embassy in India, said Indian iron ore
exports to China have declined to 15 per cent in the first half of this year,
as against 25 per cent in 2005.
Observing that it is imperative
to maintain a transparent and stable policy system of mining, trading and
export, he said, “both sides might try to establish a long-term iron ore trade
agreement with a new pricing system, with the purpose of establishing a long
and stable supply and demand relationship”.
Stressing the need for a better
cooperation between the conventional trading partners, Mr Gang said, “China and
India might carry out a comprehensive cooperation on environmental protection
and low-carbon economy, try to apply green innovative technologies to produce
green and clean steel and other products”.
Source: The Business Line
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