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

PTI March 26, 2018 17:42:30 IST
China promises to address trade deficit issue with India: Commerce and industry ministry

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.

China promises to address trade deficit issue with India Commerce and industry ministry

China promises to address trade deficit issue with India: Commerce and industry ministry. AFP image.

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.

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

Donald Trump says US doing 'very well' in fighting COVID-19 while India has a 'tremendous problem'
World

Donald Trump says US doing 'very well' in fighting COVID-19 while India has a 'tremendous problem'

The US President claimed that the nation has tested 60 million for coronavirus and added that no other country came close to that figure (edited)

India, China hold fifth round of commander-level talks on further disengagement in eastern Ladakh
India

India, China hold fifth round of commander-level talks on further disengagement in eastern Ladakh

The previous round of corps commander-level talks took place on 14 July and lasted for nearly 15 hours.

China sentences third Canadian to death on drug charges amid sour ties between Beijing and Ottawa
World

China sentences third Canadian to death on drug charges amid sour ties between Beijing and Ottawa

Relations between China and Canada have soured over the arrest of Meng Wanzhou, an executive and the daughter of the founder of Chinese tech giant Huawei, at Vancouver’s airport in late 2018