India, China agree to a roadmap for addressing the trade imbalance
India, China agree to a roadmap for addressing the trade imbalance
Share:

The eleventh session of the China-India joint-group on Economic Relations, Trade, and Science & Technology held on Tuesday. This Summit was co-chaired by the Union Minister of Commerce & Industry and Civil Aviation Suresh Prabhu and the Minister of Commerce of the People’s Republic of China Zhong Shan.

The two Ministers while reaffirming and reiterating their commitments to encourage a balanced and sustainable bilateral trade, settled to persist to take forward the initiatives recognized in the Five Year Development Programme for Economic and Trade Cooperation between the People’s Republic of China and India signed in September 2014.

The Chinese side noted India’s distress regarding the long existing trade one-sidedness and requests for market access of Indian products and services and expressed its commitment to address these concerns through the broad framework provided by successive JEGs and the Five Year Development Programme for Economic and Trade Cooperation between the People’s Republic of China and the Republic of India.

The Chinese side reaffirmed its commitment to accelerating the provision of market access for Indian agricultural products pertaining to non-basmati rice, rape-seed meals, soya-meals, pomegranate and pomegranate arils, okra, banana and other fruits and vegetables and bovine meat expeditiously.

The two sides reaffirmed their endeavour to encourage bilateral trade in the field of pharmaceuticals including resolution of issues of Indian pharma products exports to Chinese markets.

The Ministers agreed to draw-up a medium and long-term roadmap with action points and timelines for increasing bilateral trade ties between the two countries in a balanced and sustainable mode.

 Worth mentioning here the two countries are the largest emerging economies of the world with 35% of the world’s population and around 20% of the world’s GDP but the relative volume of bilateral trade is less than 1% of global trade.

The two sides agreed to make stronger the cooperation within WTO, and other multilateral and regional frameworks, to uphold their common interest. 

Join NewsTrack Whatsapp group
Related News