India and Hong Kong made progress in the talks for finalizing the double taxation agreement. The talks were held between the Hong Kong Special Administrative to Region Head, Donald Tsang and the Finance Minister Pranab Mukherjee on Wednesday evening. Speaking to reporters after the meeting, Tsang said that this will be an important move to promote trade between the two sides. He added that the two sides are working towards creating a conducive environment for greater bilateral trade. Referring to the improving economic ties, Tsang pointed out that with an Indian community of more than 27,000 people; Hong Kong is host to many of India's leading companies and entrepreneurs. He said that the Air Services Agreement signed between Hong Kong and India in 2007 has also greatly facilitated air travel between the two places, with 49 flights operating daily between the two geographies. AIR correspondent reports that the total trade between Hong Kong and India in the first eight months of 2010 amounted to about 12 billion US Dollars. This is an increase of 43 per cent compared to the same period last year.