China has finally allowed import of basmati rice from India, which comes as a big boost to exporters who would now get access to a huge market of 1.3 billion people for their about 4.5 million tonnes of aromatic rice.

It is a very positive move by China ... We are in touch with basmati producers back home to see how to take this forward," Indian Ambassador to China S Jaishankar told PTI.

China's sports brand Li-Ning has entered the Indian market through a collaboration between Sunlight Sports, Singapore, and Indo Rubber and Plastic Works (Indo Rubber) India. Li-Ning offers sports rackets, footwear, luggage, apparel, and accessories. Founded in 1990 by gymnast and six times Olympic medalist (1984), Li-Ning, the launch will highlight the brand’s badminton apparel and equipment under Li-Ning and Kason brands.

China, the largest market for Indian seafood items, will stop imports from the country from June 1. In a major development that will hit the domestic marine export business, India has been excluded from the list of countries that have cleared China’s General Administration of Quality Supervision, Inspection and Quarantine (AQSIQ) certification norms for export of aquatic products.

China has committed to facilitating Indian exports into Chinese markets to address the yawning trade imbalance between the two countries. Chinese president Hu Jintao said this to Manmohan Singh in his hour-long meeting with the PM at the end of the BRICS summit on Thursday. This will be Hu's last summit as Chinese president. In return, the PM invited Chinese investment in manufacturing and infrastructure projects in India. Chinese companies are kept out of several strategic sectors, but there is a significant change in the Indian government's approach to Chinese investment.

Strengthening India-China bilateral ties, leaders of both nations President Hu Jinatao and Prime Minister Manmohan Singh came together to declare 2012 as the year of India-China friendship and cooperation. Agreeing that bilateral relations were witnessing a ’very sound momentum’, both leaders also unveiled initiatives to boost cultural exchanges and overall contacts.

China has said that it would take all possible steps to address India's concerns about the widening trade imbalance in its favour and assured a level playing field to Indian companies, including pharma and IT, wanting to exploit the Chinese market. Noting that there is a huge scope to further scale up trade and investment, Deputy Director General of Commerce Ministry Liang Wentao said the bilateral trade volume, which hit a record $ 73.9 billion last year, was still relatively "small" compared to size of the economy of both countries.

The BRICS group of emerging world powerhouses - Brazil, Russia, India, China and South Africa - is expected to launch plans this week for a joint development bank and measures to bring their stock exchanges closer together. Officials say the initiatives will take time as they need to sort out details. But they herald a new level of ambition for a bloc that brings together about half the world's people. The Middle East and energy security will also be discussed, officials say.

When Chinese President Hu Jintao arrives in India on Wednesday for the BRICS Summit, he is likely to announce steps to promote greater people-to-people contact between the two nations.

PM Manmohan Singh , it is understood, will refer to the imbalance in bilateral trade , which has exceeded $60 billion with a huge surplus in Beijing's favour. India has been asking China to allow Indian IT and pharmaceutical companies access to the Chinese market.

India, the world’s third largest exporter of iron ore, may boost shipments to China in 2012 after the federal government cut freight charges on the commodity to be transported by rail to ports for overseas sales.

Rates were lowered by as much as 30% to INR 1,125 a metric tonne starting March 7th 2012. This is the first reduction in the charges in at least two years.

The International Monetary Fund said it will host a high-level conference on India and China, to be held in New Delhi next week. IMF Managing Director, Christine Lagarde would be travelling to New Delhi for the two-day conference on 'China and India Sustaining High Quality Growth' to be held in New Delhi on March 19-20.