Ministry of Commerce & Industry

Posted On: 26 MAR 2018 4:10PM by PIB Delhi

The Minister of Commerce & Industry and Civil Aviation,Suresh Prabhu,welcoming his Chinese counterpartMr. Zhong Shan at the meet.

Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu and Minister of Commerce of the People’s Republic of China, Mr. Zhong Shan, co- chaired the11th meeting of India-China Joint Group on Economic Relations, Trade, Science and Technology at New Delhi today.

Welcoming Mr. Zhong Shan, Shri Prabhu said that the joint group between India and China is the oldest and the most important dialogue mechanism between the two countries. Addressing India’s trade imbalance with China is the most important issue to be taken up by the group. Minister exhorted his Chinese counterpart for greater market access for agricultural products like rapeseed, soyabean, basmati and non-basmati rice, fruits, vegetables and sugar. Another commodity which could be exported from India to China is the high quality pharmaceutical products. Export of India’s IT and IT Enabled Services (ITES) to China and cooperation in the sectors of tourism and healthcare needs to be focussed on.

Chinese Minister Mr. Zhong Shan welcomed Indian investment in China and promised to address the trade deficit between the two countries. The Minister highlighted the important issues discussed in the meeting like two-way trade relations, preparation of an action plan, greater focus on Regional Comprehensive Economic Partnership (RCEP) and e-dialogue. TheMr. Shan said that candid and effective discussions with India on trade relations can serve as the propeller for the growth not only between the two countries but in the entire region.

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MM/RC

Trade imbalance: pursue expanded market access and a bilateral action plan linking agriculture, pharma, IT and regional cooperation. Addressing the trade imbalance between India and China is the primary objective, pursued through the Joint Group on Economic Relations, Trade, Science and Technology via negotiated expansion of market access for Indian agricultural products, promotion of Indian pharmaceutical and IT/ITES exports, and enhanced cooperation in tourism and healthcare. Ministers committed to preparing an actionable bilateral plan, focused engagement on the Regional Comprehensive Economic Partnership, institutionalised e-dialogue, and facilitation of Indian investment into China to reduce the bilateral deficit.