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Indo-China trade deficit: Both countries agree to promote trade

Commerce Minister Suresh Prabhu Took To Twitter To Express His Concern Over The Growing Trade Deficit With China.

News Nation Bureau | Edited By : Shambhudeep Hore | Updated on: 09 Sep 2017, 05:40:47 PM
Currently Prabhu is attending the fifth East Asia Summit (EAS) Economic Ministers' Meeting.

New Delhi:

After all everything is not so bad between India and China. The two countries have come together to set up industry specific working groups to increase trade in order to reduce the gap between trade, said Commerce Minister Suresh Prabhu. As on 2016-2017 India's trade deficit with China was $51.08 billion whereas the total bilateral trade between the two big Asian countries stood at $71.48 billion. Earlier Commerce Minister Suresh Prabhu took to twitter to express his concern over the growing trade deficit with China.

Currently Prabhu is attending the fifth East Asia Summit (EAS) Economic Ministers' Meeting. The minister would also participate in the trade ministers' meeting of 16 Regional Comprehensive Economic Partnership (RCEP) member countries. Regional Comprehensive Economic Partnership (RCEP) is a mega trade pact among 16 countries which aims to cover goods, services, investments, economic and technical cooperation, competition and intellectual property rights.

At the sidelines of EAS meet, the minister met his Chinese counterpart Zhong Shan to discuss ways to promote bilateral trade between the countries. Prabhu, who recently took charge of the ministry, also met Japanese Minister of economy, trade and industry Hiroshige Seko and Korean Trade Minister Hyun Chong KIM. India wants greater market access in China for its goods and services like IT and pharma products. The country has also insisted upon China to increase investments. 



With agency inputs

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First Published : 09 Sep 2017, 05:33:15 PM