Zhong promises to address trade deficit between India & China

Speed Post News Network

New Delhi : Union Minister for Commerce & Industry and Civil Aviation Suresh Prabhu and Minister for Commerce of the People’s Republic of China Zhong Shan co- chaired the 11^th meeting of India-China Joint Group on Economic Relations, Trade, Science and Technology in New Delhi on March 26, 2018.

Welcoming Zhong Shan, Prabhu said that the joint group between India and China is the oldest and the most important dialogue mechanism between the two countries adding India’s trade imbalance with China is the most important issue to be taken up by the group. Prabhu exhorted his Chinese counterpart for greater market access for agricultural products like rapeseed, soyabean, basmati and non-basmati rice, fruits, vegetables and sugar.

Another commodity which can be exported from India to China is the high quality pharmaceutical products. Export of India’s IT and IT Enabled Services (ITES) to China and cooperation in the sectors of tourism and healthcare needs to be focussed on, Prabhu said, according to a PIB release.

Chinese Minister Zhong Shan welcomed Indian investment in China and promised to address the trade deficit between the two countries. The Minister highlighted the important issues discussed at the meeting like two-way trade relations, preparation of an action plan, greater focus on Regional Comprehensive Economic Partnership (RCEP) and e-dialogue.  Shan said that 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.