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

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.

Meeting with Mr.Zhong Shan,Minister of Commerce,China on the sidelines of ASEAN-India Economic Ministers Meeting in Manila,Philippines pic.twitter.com/aVH2necr4F

— Suresh Prabhu (@sureshpprabhu) September 9, 2017

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.

Concerned about growing trade deficit with China,we agreed to set up industry specific working groups,to promote more exports from India

— Suresh Prabhu (@sureshpprabhu) September 9, 2017

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