March 27, 2018: China has promised to address India’s concern on the growing bilateral trade deficit. The development came after Commerce and Industry Minister Suresh Prabhu and his Chinese counterpart Zhong Shan co-chaired the 11th meeting of India-China Joint Group on Economic Relations, Trade, Science and Technology in New Delhi on Monday.
In 2016-17, India’s trade deficit with China was over 51 billion dollar, which was almost half of the country’s total trade deficit with all trade partners.
Speaking on the occasion, Mr Prabhu exhorted the Chinese Minister for greater market access to Indian agricultural products including vegetables and sugar and high quality pharmaceutical products. Mr Prabhu emphasized the need to focus on export of India’s IT and IT Enabled Services to China and cooperation in the sectors of tourism and health-care. Mr Zhong Shan welcomed Indian investment in his country. He highlighted the important issues discussed in the meeting like two-way trade relations, preparation of an action plan, greater focus on Regional Comprehensive Economic Partnership and e-dialogue.
Mr Shan said, candid and effective discussions with India on trade relations can serve as the propeller for the growth not only between the two countries but in the entire region. (AIR News)
