China has assured that it will work towards addressing concerns expressed by India, including a massive trade deficit and giving greater market access to the latter.
Following a meeting between commerce and industry minister Nirmala Sitharaman and Wang Shouwen, China’s vice-minister for finance and commerce, an Indian govenrment statement said: “The Chinese vice-minister assured that China would act on the concerns expressed by India regarding market access for Indian goods in the Chinese markets.”
Wang is in India to attend the BRICS summit. India’s goods trade deficit with China has been rising at an alarming pace, having surged from $29.3 billion in 2010-11 to a massive $52.7 billion in the last fiscal.
China seems to have agreed that the “mounting bilateral trade deficit has been a cause for concern for India”. India also sought greater market access for its goods for a long-term sustainable trade relationship, according to the statement. “She (Sitharaman) expressed concerns at the long drawn procedures for clearances which tend to frustrate the Indian companies seeking business opportunities in China,” it added.
Sitharaman also asked for the removal of non-tariff barriers by ensuring speedy clearances for the exports of Indian goods, including rice, besides a ‘Green Channel’ for supplies of Indian pharmaceutical products to China, especially those that already have the USFDA and EUFDA accreditation.