India and China are aiming to double their bilateral trade to about $10 billion by 2005.

"We are conscious of our growth and are targeting $10 billion trade by 2005," Commerce and Industry Minister Arun Jaitley said at a seminar on India-China trade relations, organised by CNBC in New Delhi on Friday.

He said last fiscal, exports to China grew by 106 per cent as against 86 per cent of Chinese exports to India.

Total bilateral trade for the 11 months (April-February), 2002-03 was $4.2 billion as against $2.6 billion during the corresponding period in 2001-02.

India's exports to China during 2002-03 (April-February) at $1.6 billion indicated a growth of nearly 100 per cent over the level of $846.3 million during April-February, 2001-02.

Jaitley said the way things are moving it would be difficult to say who will win this tight race and have a positive trade balance.

Pointing at the areas of cooperation between the two sides, he said while New Delhi was attempting to expand its exports basket, both were also working on the common areas of interest at the multilateral trade forums.

India and China are among the 14 countries which have proposed a framework for agriculture in the World Trade Organisation, he said.

Pointing out that there were lessons to be learnt from China, he said the Chinese model of development focussed on infrastructure, higher level of production and liberal labour regime which gave them the cutting edge.