India and China should focus on trading in their own currencies, the rupee and renminbi, instead of the US dollar, as this would help reduce risk and cut exchange costs, Reliance Group Chairman Anil Ambani said Monday.
Ambani, who is also the India-China CEOs forum chairman on the Indian side, said the Reserve Bank of India (RBI) in 2012 had set a limit of $1 billion worth of annual trade in rupee and renminbi.
"Even as we speak, no trade under this mechanism has taken place," Ambani said, addressing the first meeting of the CEOs Forum here.
He called upon the participants to seize the opportunity, use the new platform or business-to-business contracts to enhance trade cooperation between the two countries.
Ambani said Indian companies, especially in insurance sector, would like to see more equity funding by Chinese firms.
Emphasizing the need for cooperation in the media and entertainment sector, he recommended filming of movies in each other's country, a move that will trigger travel and tourism on both sides.
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China Development Bank president Hu Huaibang, Forum chairman on the Chinese side, said the goal of attaining bilateral trade volume of $100 billion by 2015 as set by the governments of the two countries was eminently feasible if enterprises of the two countries engage constructively with each other.
Chief executives of 20 large Indian and Chinese firms participated in the forum meet.
The forum was organised by China International Council for the Promotion of Multinational Corporations and the Federation of Indian Chambers of Commerce and Industry (FICCI). It was supported by trade ministries of both the countries.
The second forum meeting will take place in China next year, FICCI said in a statement.