being unilaterally present. There are cases when Indian companies have gone to China and done well, such as Mahindra and Mahindra, while Chinese companies such as Huawei have done well in India. Huawei set up its Indian unit in 1999 and by 2007 had 1500 engineers. Huawei's Bangalore unit, already one of Huawei's most important research and development centres, was Capability Maturity Model Level 5 certified in 2003. In the oil sector there is competition and engagement — China's Sinopec and China National Petroleum Corporation and India's Oil and Natural Gas Corporation fight over oil assets in some regions while winning bids as joint ventures in others such as Syria, Colombia, Angola and Venezuela. India imported $65.3 billion worth of good from China in the fiscal year ended March 2020, and exported $16.6 billion, according the commerce ministry. Bilateral trade China is India's 2nd largest trading partner. In June 2012, China stated its position that "Sino-Indian ties" could be the most "important bilateral partnership of the century". That month Wen Jiabao, the Premier of China and Manmohan Singh, the Prime Minister of India set a goal to increase bilateral trade between the two countries to US$100 billion by 2015. Bilateral trade between China and India touched US$89.6 billion in 2017–18, with the trade deficit widening to US$62.9 billion in China's favour. In 2017, the volume of bilateral trade between India & China stands at US$84.5 billion. This figure excludes bilateral trade between India and Hong Kong which stands at another US$34 billion. Chinese imports from India amounted to $16.4 billion or 0.8% of its overall imports, and 4.2% of India's overall exports in 2014. Major commodities exported from India to China were: cotton; gems, precious metals, coins; copper; ores, slag, ash; organic chemicals; salt, sulphur, stone, cement; machines, engines, pumps. Chinese exports to India amounted to $58.4 billion or 2.3% of its overall exports, and 12.6% of India's overall imports in 2014. Major commodities exported from China to India were: electronic equipment; machines, engines, pumps; organic chemicals; fertilizers; iron and steel; pastics; iron or steel products; gems, precious metals, coins; ships, boats; medical, technical equipment. In 2018, a Standing Committee on Commerce chaired by Naresh Gujral submitted a report on the 'Impact of Chinese Goods on Indian Industry'. The report pointed out insufficient implementation of anti-dumping laws, reliance on Chinese raw materials in sectors such as pharmaceuticals, reliance on Chinese