Friday, October 22, 2021

Indian IT and Pharma Industry May Get Access To China as Delhi Looks To Reduce Trade Deficit

India asked for more actions from the Chinese side to support and promote Indian goods in China. Indian and Chinese officials from Commerce Industry held a detailed discussion on the widening of trade deficit between the world’s two fastest-growing economies.

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Commerce Secretary Anup Wadhawan held talks with Zhang Jiwen, Vice Minister of General Administration of China Customs (GACC) which is responsible for monitoring market access and issues related to India’s agriculture and allied products. “The two sides held a detailed discussion on the widening trade deficit”, the press release said.

The talks also focussed on the progress of the Regional Economic Partnership (RCEP) which is a free trade area (FTA) made up of 10 ASEAN members.

As per Chinese official data, the trade deficit in 2018 climbed to USD 57.86 billion from USD 51.72 billion in 2017 in about USD 95.54 total bilateral trade. India’s exports to China went up to USD 18.84 billion, an increase of 15.2 per cent compared to 2017.

In a recent move, China spoke of liberalization of the sale of foreign drugs, particularly the cancer-curing medicines, but no announcement was made on allowing the sale of Indian drugs in the Chinese market.

Since last year’s informal Wuhan summit between Prime Minister Narendra Modi and Chinese President Xi Jinping, China is expecting a permit to facilitate market access for Indian pharmaceuticals and IT.

The press release stated that in his talks, India’s Commerce Secretary asked for more actions from the Chinese side to support and promote exports of Indian products to China. Indian Commerce Secretary also asked for market access to Indian IT companies, pharmaceuticals, and agriculture products.

More News at EurAsian Times

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