China promises to address trade deficit issue with India: Commerce and industry ministry
India's trade deficit with China has marginally dipped to $51 billion in 2016-17 from $52.69 billion in the previous fiscal
New Delhi: China on Monday promised to address the issue of widening trade deficit with India as the country sought greater market access for its goods and services, the Commerce and Industry Ministry said. The issue of trade imbalance with the neighbouring country was discussed in detail during the meeting of India-China Joint Group on Economic Relations, Trade, Science and Technology here.
Commerce and Industry Minister Suresh Prabhu and his Chinese counterpart Zhong Shan chaired the meeting. The Chinese minister "promised to address the trade deficit between the two countries," the ministry said in a statement.
Both the sides deliberated upon ways to boost two-way trade, preparation of an action plan, greater focus on Regional Comprehensive Economic Partnership (RCEP) and e-dialogue. Prabhu said addressing India's trade imbalance with China is the most important matter to be taken up by the group.
"Minister exhorted his Chinese counterpart for greater market access for agricultural products like rapeseed, soyabean, basmati and non-basmati rice, fruits, vegetables and sugar," it said. He also said that India can export high quality pharmaceutical products besides IT and ITeS services to China and increase cooperation in the sectors like tourism and healthcare.
Trade deficit with China stood at $36.73 billion during April-October this fiscal. India's trade deficit with China has marginally dipped to $51 billion in 2016-17 from $52.69 billion in the previous fiscal.
The group was formed in December 1988 during the visit of the then Prime Minister Rajiv Gandhi to Beijing.
Chinese technicians and engineers may get faster visas for work in India
The demand of exporters for issuing faster visas for technicians and engineers from China who are required to visit India to set up factories or machinery here, will be taken up with the relevant ministry for faster resolution, according to report.
Know why dirt-cheap iPhones have flooded Russian market?
Despite the sanctions imposed on Russia, and the fact that most US and EU based tech companies have withdrawn from Russia, Apple products, especially iPhones are flooding the market, and being sold for dirt cheap rates, about 10-15% cheaper than the EU.
EU hesitates to include ban on Russian gas pipelines in sanctions package
An EU diplomat was quoted saying that the countries dependent on the remaining gas are strongly opposing the measure, and it would be impractical to introduce such a significant change at this stage of the 11th sanctions package's development