China-India Free Trade Agreement (FTA) can be the most significant event of this decade – China pushes for FTA
Sonal Joshi
Mar. 25, 2005
China is pushing for a Free Trade Agreement with India, which will create the biggest free trade region in the world. Speaking to media persons at a round table on trade with China organized by the Federation of Indian Export Organization, Chinese Ambassador to India Sun Yuxi said, “ while the Chinese government supported the proposed FTA, the business community and experts needed to have detailed discussions on the issue.” Based on a detailed study by joint study group (JSG), Yuxi said, “Chinese representatives in the group had advocated the need to go in for an FTA between the two countries. It is now for the Indian side to take a decision on the issue,” ”The two governments were working seriously to finalize by the end of the month the program for the development of India-China trade and economic cooperation for the next five years” says the Chinese Ambassador to India. Chinese Premier Wen Jiabo is visiting India next month and the program will be announced at that time. The two countries can increase bilateral trades with the FTA many times. In 2004, the bilateral trade between the two countries increased by 650% over the past five year. The bilateral trade can touch a staggering 130 billion dollars by 2010. According to the Chinese Ambassador, healthcare, industry and services are the fields where the two countries can focus initially besides agriculture and the two giant economies are together in the World Trade Organization (WTO) negotiations.
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In the wake of 's March 26 announcement that it intends to build its first indigenous aircraft carrier, and recent American overtures aimed at greater defense cooperation to help make India a "major power," speculation is rife as to the future geopolitical consequences for the Asian region and the world.

India's rise to greater military power may serve as a counterbalance to  in the Asian region.  China is interested in developing a free trade pact with India and has made overtures in that direction, which are under consideration in India.

Indeed, China's military might is also increasing at a rapid rate as that nation's government commits an ever-greater percentage of its budget to national defense.
Nonetheless, the two nations are seeking a free trade agreement (FTA), which some observers have declared as having the potential to be "the most significant event of this decade" for the Asian region.