In 2015-16, India’s export to China was USD nine billion, whereas imports were USD 61.7 billion, deed a deficit of USD 52.7 billion.
New Delhi: China on October thirteen assured India that it’ll act on the issues expressed by India on giving larger market access to domestic merchandise to bridge the widening deficit.
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The issue, among others, was mentioned throughout the meeting command here between Commerce and trade Minister Nirmala Sitharaman and Wang Shouwen, Vice Minister for Ministry of Finance and Commerce, China. The Chinese minister is here to attend the sixth BRICS Trade Ministers’ meeting.
“The Chinese Vice Minister assured that China would act on the issues expressed by Asian nation concerning market access for Indian product within the Chinese markets,” the commerce ministry aforesaid in an exceptionally statement.
During the meeting, Sitharaman raised issues over the widening deficit between the 2 countries. Each the leaders changed notes on trade and commerce and in agreement that the “mounting bilateral deficit has been a cause for concern for India” that seeks bigger market access for its product for a semipermanent property trade relationship, it said.
Sitharaman requested timesaving clearances for import of Indian rice besides a inexperienced Channel for import of Indian pharmaceutical merchandise to China particularly those that have already got USFDA and EUFDA enfranchisement, it added.
She conjointly requested the Chinese Vice Minister to think about demonstration of IT/ITeS comes for Indian corporations – that have nonheritable international acclaim.
“She stated issues at the long drawn procedures for clearances that tend to frustrate the Indian corporations seeking business chances in China,” it added.
Further Sitharaman asked for ‘buying missions to India to supply amongst different things, Indian tobacco and oil meals. On the opposite hand, the Chinese Minister informed that recently China has quickened the pace of granting clearances to Indian drug company corporations for import of the drug company merchandise, it said.
The Chinese Vice Minister conjointly sought-after cooperation of India on numerous multipartite fora wherever China Associate in Nursing India square measure engaged and guaranteed that India’s issues on one enterprise are going to be punctually taken on board with services being an integral a part of the cooperation agreement.
In 2015-16, India’s export to China was USD nine billion, whereas imports were USD sixty one.7 billion, deed a deficit of USD fifty two.7 billion.