Commerce Min meets Wang Shouwen, Chinese Finance Minister

The Dollar Business Bureau

The Commerce and Industries Minister, Nirmala Sitharaman and Wang Shouwen, Vice Minister for Ministry of Finance and Commerce, China exchanged notes on trade and commerce and agreed that the mounting bilateral trade deficit has been a cause for concern for India which seeks greater market access for its goods for a long term sustainable trade relationship.

Nirmala Sitharaman requested for expeditious clearances for import of Indian rice and a ‘Green Channel’ for the import of Indian Pharmaceutical products to China – especially those which already have USFDA and EUFDA accreditation. She also requested the Chinese Vice minister to consider demonstration of IT/ITeS projects for Indian companies - which have acquired global acclaim. The minister expressed concerns at the long drawn procedures for clearances which tend to frustrate the Indian companies seeking business opportunities in China.

Sitharaman requested for ‘buying missions’ to India to source amongst other things, Indian tobacco and oil meals.

The two leaders in consonance with the apex level meetings convened by the Prime Minister Modi and Xi Jinping, agreed that measures on providing greater market access for Indian goods and services in China need a demonstrative action.

The Chinese Vice Minister assured that his government would act on the concerns expressed by India regarding market access for Indian goods in the Chinese markets. He informed that recently China has quickened the pace of granting clearances to Indian Pharma companies for import of Indian pharma products.

The Chinese Vice Minister further requested the cooperation of India in the various multilateral fora where China and India are engaged - the RCEP and assured that India’s concerns on a ‘Single undertaking’ will be duly taken on board with services being an integral part of the cooperation agreement.