China promised to address the issue of widening trade deficit with India as the country sought greater market access for its goods and services at the 11th joint economic group (JEG) meeting held on 26 March.
The issue of trade imbalance with the neighbouring country was discussed in detail during the meeting of India-China Joint Group on Economic Relations, Trade, Science and Technology in Delhi. Commerce and Industry Minister Suresh Prabhu and his Chinese counterpart Zhong Shan chaired the meeting.
Both the sides deliberated upon ways to boost two-way trade, preparation of an action plan, greater focus on Regional Comprehensive Economic Partnership (RCEP) and e-dialogue.
Prabhu said that the India-China JEG is the “most important dialogue mechanism” to address India’s trade imbalance with China.
"Minister exhorted his Chinese counterpart for greater market access for agricultural products like rapeseed, soyabean, basmati and non-basmati rice, fruits, vegetables and sugar," it said.
He also said that India can export high quality pharmaceutical products besides IT and ITeS services to China and increase cooperation in the sectors like tourism and healthcare.
Trade deficit with China stood at $36.73 billion during April-October this fiscal year. India's trade deficit with China has marginally dipped to $51 billion in 2016-17 from $52.69 billion in the previous fiscal year.
The group was formed in December 1988 during the visit of the then Prime Minister Rajiv Gandhi to Beijing.
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