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India voices concern to China over large trade deficit

India on Tuesday voiced its concern to China over the large trade deficit with it which has climbed to over $51 billion, and underlined the need to boost bilateral trade in IT services, agriculture products, pharmaceuticals and tourism sectors in which it has proven strength and global presence but miniscule presence.

The bilateral trade between India and China rose by 18.63 per cent year-on-year and reached a historic high of $84.44 billion last year. But the trade deficit too continue to remain high at $51.75 billion in 2017.

Commerce Secretary Anup Wadhawan, who is visiting Shanghai to attend the China International Import Expo (CIIE), met Wang Shouwen Vice Minister of China’s Commerce Minister and discussed bilateral trade issues.

He also expressed satisfaction over the progress made in talks regarding the export of soya bean meal and pomegranate from India, according to an Indian Embassy release.

India has been airing its concerns to China over the huge trade deficit for several years.

India has been asking China to provide market access to its food and agro products, pharmaceuticals, IT and IT-enabled services (ITES), tourism and services in which it has proven strengths and significant global presence but minuscule presence in China.

The Indian pavilion at the CIIE has showcased import opportunities of these products.

In his meeting with Wang, Wadhawan also informed him about the encouraging response to the business promotion events organised by the Indian Embassy and Consulates covering products like sugar, rice, tea, oil meals etc.

He requested Wang to provide the guidelines of the Chinese Ministry of Commerce to its importers to source these products from India.

Recently, India and China had a series of official level exchanges to discuss the bilateral trade issues.

Important players from Indian sugar industry including Managing Director of the National Federation of Cooperative Sugar Factories Limited (NFCSF) also attended the meetings.

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