India seeks greater market access in China
17 July 2012 12:17 AM GMT
Expressing concern over its widening trade deficit with China, New Delhi on Monday asked the neighbouring country to provide more access to Indian goods and services to bridge the gap.
‘[The trade deficit with China] has been a concern of ours. It is an unsustainable situation.
We are looking at all those sectors where Indian industry, both in manufacturing and services side, gets more access to the Chinese market,’ commerce and industry minister Anand Sharma said here.
He added sectors like IT and pharmaceuticals should get better market access so that ‘We can close or reduce the rising trade gap with China’.
The minister was speaking to reporters after inaugurating the ‘Tex Trends India 2012’. The bilateral trade had stood at about $74 billion in 2011, of which India's export to China was only $17.9 billion and import $57.6 billion.
India's main items of export to China include petroleum products, gems and jewellery, transport equipment, other raw materials and machinery.
India's imports include electrical machinery and equipment, mechanical machinery and appliances, project goods and organic chemicals.
The issue of trade surplus being in favour of China has been taken up by the Indian government with the Chinese authorities earlier as well.
‘[The trade deficit with China] has been a concern of ours. It is an unsustainable situation.
We are looking at all those sectors where Indian industry, both in manufacturing and services side, gets more access to the Chinese market,’ commerce and industry minister Anand Sharma said here.
He added sectors like IT and pharmaceuticals should get better market access so that ‘We can close or reduce the rising trade gap with China’.
The minister was speaking to reporters after inaugurating the ‘Tex Trends India 2012’. The bilateral trade had stood at about $74 billion in 2011, of which India's export to China was only $17.9 billion and import $57.6 billion.
India's main items of export to China include petroleum products, gems and jewellery, transport equipment, other raw materials and machinery.
India's imports include electrical machinery and equipment, mechanical machinery and appliances, project goods and organic chemicals.
The issue of trade surplus being in favour of China has been taken up by the Indian government with the Chinese authorities earlier as well.
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