New Delhi: Buoyed by growth in bilateral trade with China during the first eight months of 2003, government on October 20 exuded confidence in achieving the 10 billion Dollars target set for the year 2004.

"When the Indian and Chinese Premiers set the target of 10 billion Dollars of bilateral trade recently, it seemed ambitious, but now it is well within reach. By the end of this calendar year, bilateral trade will reach seven billion Dollars," Commerce Minister Arun Jaitley said.

Bilateral trade with China grew to five billion Dollars in 2002 from two billion Dollars earlier, and it would reach 10 billion Dollars next year, he told reporters after addressing a joint meeting of Indo-Romanian Commission.

The Minister, who returned from China recently after inaugurating a 'Made-in-India' show there, said 71 investment proposals were being considered by Beijing.

Asked about the fears being raised by the domestic auto component manufacturers with regard to the Free Trade Agreement, he said, "All issues are being taken care of but the idea is to give a fillip to the trade. By 2011, when the agreement comes into effect, the auto ancillary industry would have grown much bigger."

Many multi-national auto-makers have set shop in India, and they largely source components from domestic component makers. The Indian auto ancillary industry has progressed so well that there was no need to fear, he added.

PTI