Nirmala Sitharaman, Commerce Minister raises concern with China over mounting bilateral trade deficit between India and China
NEW DELHI: “Commerce and Industries Minister Nirmala Sitharaman and Chinese Vice Minister for Ministry of Finance and Commerce Wang Shouwen exchanged notes on trade and commerce and agreed that the mounting bilateral trade deficit has been a cause for concern for India which seeks greater market access for its goods for a long-term sustainable trade relationship,” a statement from the Commerce Ministry said.
Nirmala Sitharaman has also raised concerns with Wang Shouwen, Vice Minister for Ministry of Finance and Commerce, China, on mounting bilateral trade deficit between the two countries.
Sitharaman and Shouwen exchanged notes on trade and commerce and agreed that the mounting bilateral trade deficit has been a cause for concern for India which seeks greater market access for its goods for a long term sustainable trade relationship.
Commerce Minister requested for expeditious clearances for import of Indian Rice and a ‘Green Channel’ for import of Indian Pharmaceutical products to China – especially those which already have USFDA and EUFDA accreditation.
She also requested the Chinese Vice minister to consider demonstration IT/ITeS projects for Indian companies – which have acquired global acclaim. She expressed concerns at the long drawn procedures for clearances which tend to frustrate the Indian companies seeking business opportunities in China.
Sitharaman requested for ‘buying missions’ to India to source amongst other things, Indian Tobacco and oil meals.
The two leaders in consonance with the apex level meetings convened by the Prime Minister Modi and Xi Jinping, agreed that measures on providing greater market access for Indian goods and services in China need a demonstrative action.
The Chinese Vice Minister assured that China would act on the concerns expressed by India regarding market access for Indian goods in the Chinese markets.
He informed that recently China has quickened the pace of granting clearances to Indian Pharma companies for import of Indian Pharma products.
The Chinese Vice Minister further requested the cooperation of India in the various multilateral fora where China and India are engaged – the RCEP and assured that India’s concerns on a ‘Single undertaking’ will be duly taken on board with services being an integral part of the cooperation agreement.