'India-China trade deficit needs to be addressed pro-actively'
India can reduce its trade deficit with China by ensuring better market access for Indian IT and agricultural products, said V K Singh, Minister of State for External Affairs. Expressing concern over the widening trade gap between the two countries, Singh said the imbalanced trade was “not in the long-term interest of either country” and it needs to be addressed “pro-actively”. “Both governments are committed to taking imaginative measures and rigorous effort in tackling this issue,” Singh was reported to have said at the India-China Economic and Tourism Cooperation Forum held at the sidelines of the ongoing China-South Asia Expo in China’s Kunming city. He said that improving market access for Indian products like IT and services, pharmaceuticals, agro- products, and value-added textiles can help India reduce its trade deficit with China. Increasing exports from China has become a major concern for India. Prime Minister Narendra Modi who visited China last month also called for greater economic cooperation between the two countries. To boost India’s manufacturing sector, Modi invited Chinese companies to take part in his “Make in India” initiative. According to government data, the total trade between India and China was valued at $72 billion last year and India’s deficit with China crossed $48 billion. Experts suggest that India should focus on exporting services and products that have competitive advantage. FIEO is leading a delegation of 150 Indian exhibitors at the five-day South Asia Expo. India is the "country of hounour" at the annual event to be concluded on June 16.
June 12, 2015 | 7:32 pm IST.
to success.