India seeks greater market access in China: Commerce Ministry
New Delhi: India has sought greater market access for areas like agriculture products, pharmaceuticals, IT services and tourism in China, with a view to bridge the widening trade deficit with the neighbouring country, the commerce ministry said on Tuesday.
India-China Trade Deficit
The issues were discussed during the meeting between Commerce Secretary Anup Wadhawan and Wang Shouwen, Vice Minister of China's Commerce Minister in Shanghai.
"The Commerce Secretary informed that areas like agriculture products, pharmaceuticals, information technology services and tourism in which India has proven strengths and significant global presence but minuscule presence in China, need to be encouraged in bilateral trade," it said. Also Read: Sensex gains 7% on closing day of Samvat 2074 Wadhawan asked for guidance, facilitation, support and assistance to the relevant stakeholders for creating a suitable environment for India's exports in these sectors to China, it added.
The bilateral trade stood at USD 89.71 billion in 2017-18. The trade deficit increased to USD 63.12 billion in 2017-18 as against USD 51.11 billion in the previous fiscal.
Trade deficit is the amount by which the cost of a country's imports exceeds the value of its exports. The commerce secretary also expressed concerns regarding the large trade deficit.
The department of commerce in a tweet said: "India, one of the largest producers of sugar in the world, can produce all 3 grades of sugar and expects to export around 2 million tonnes of raw sugar to China from this year on wards".
Also Read: Amazon receives orders from India's 99% of pin codes India’s major exports to China include ores, slag and ash, cotton, organic chemicals, mineral fuels/oils, copper and its articles. Imports include telecom instruments, electronic components and instruments, computer hardware, organic chemicals, plastics and plastic items.