Indo-China: Rising trade deficit addressed

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Agencies

Posted online: Monday , January 14, 2008 at 11:18:29
Updated: Monday , January 14, 2008 at 11:33:43

Beijing, January 14: China has agreed to send frequent buying missions to India to diversify its import basket from the country in the backdrop of New Delhi's concern over burgeoning trade deficit which crossed USD 9 billion last year in Beijing's favour.

India also wants to diversify the basket of exports to China by including fruits and vegetables and sought access to its aviation and entertainment sectors and removal of technical and non-tariff barriers specifically in pharmaceutical sector, Commerce Minister Kamal Nath told reporters in Beijing.

The assurance on buying missions was given to Nath by his counterpart Chen Deming during a meeting on the sidelines of Prime Minister Manmohan Singh's three-day visit.

During the parleys, Nath expressed concern over the growing trade deficit and raised many issues that were restricting Indian exports to the communist giant.

"Mr Chen clearly recognised that such a large trade imbalance is not desirable and sustainable. He offered to send buying missions to India frequently to promote a more diversified basket of exports from India to China," Nath said.

He said he had requested CII and the FICCI to host these promised missions and find suitable niche areas where India had core competency with globally competitive edge.

The Indian concerns arise from the fact that the current bilateral trade that stood at over USD 38 billion and the trade deficit was significantly in favour of China.

India has told China there was no China-specific restrictions on investments in India due to security concerns.

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