India gets China to look into trade deficit
28 Aug 2012 6:59 AM IST
India<span dtx-highlight-backgroundcolor="blue"> has raised concerns over<span dtx-highlight-backgroundcolor="lime"> the widening trade deficit with China, while China<span dtx-highlight-backgroundcolor="blue"> has expressed worries on visa rules and duty hike on power equipment imports by New Delhi.<span dtx-highlight-backgroundcolor="lime"> The two countries agreed to set up a joint working group to resolve<span dtx-highlight-backgroundcolor="lime"> these concerns and streng<span dtx-highlight-backgroundcolor="lime">then economic cooperation.
<span dtx-highlight-backgroundcolor="lime">These issues came up for discussion at<span dtx-highlight-backgroundcolor="lime"> the meeting of<span dtx-highlight-backgroundcolor="lime"> the India-China Joint Group on Economic Relations, Trade, Science and Technology, attended by<span dtx-highlight-backgroundcolor="lime"> the respective commerce ministers on Monday.
India's commerce and industry minister Anand Sharma said that a joint working group would be established soon and it would give its recommendations and assessments in 90 days. He said that China had assured India of addressing concerns over several issues, like adverse trade deficit, market access for Indian IT and pharma products. Both<span dtx-highlight-backgroundcolor="lime"> the sides agreed to 'seriously' look at encouraging mutual investment, he added
He invited Chinese companies to invest in<span dtx-highlight-backgroundcolor="lime"> the proposed National Investment and Manufacturing Zones (NMIZs). 'I am very happy that<span dtx-highlight-backgroundcolor="lime"> the response<span dtx-highlight-backgroundcolor="blue"> has been very positive and encouraging,' he said. 'We have also agreed to work on a five-year plan on economic cooperation. This<span dtx-highlight-backgroundcolor="blue"> has been proposed by Chen Deming and we welcomed and endorsed that. We have identified focal points and nodal authorities who will be working to put<span dtx-highlight-backgroundcolor="lime"> the development plan,' Sharma said talking of<span dtx-highlight-backgroundcolor="lime"> the visiting Chinese minister.
Addressing a joint press briefing, Deming said that during<span dtx-highlight-backgroundcolor="lime"> the time of global economic crisis,<span dtx-highlight-backgroundcolor="lime"> there was a need for streng<span dtx-highlight-backgroundcolor="lime">thening India-China economic relationship. He also expressed<span dtx-highlight-backgroundcolor="lime"> the hope that bilateral trade will achieve<span dtx-highlight-backgroundcolor="lime"> the target of USD 100 billion by 2015. 'Yes indeed. It was in<span dtx-highlight-backgroundcolor="lime"> the agenda that we discussed,' Deming said when asked whe<span dtx-highlight-backgroundcolor="lime">ther China<span dtx-highlight-backgroundcolor="blue"> has raised its concern over<span dtx-highlight-backgroundcolor="lime"> the duty hike by Indian on power equipment imports.
China is a major supplier of power equipment to India.<span dtx-highlight-backgroundcolor="lime"> The <span dtx-highlight-backgroundcolor="cyan">government <span dtx-highlight-backgroundcolor="blue">has recently raised<span dtx-highlight-backgroundcolor="lime"> the import duty to 21 per cent to protect domestic players. According to<span dtx-highlight-backgroundcolor="lime"> the provisional data,<span dtx-highlight-backgroundcolor="lime"> the trade deficit of USD 39.65 billion was in China's favour.
<span dtx-highlight-backgroundcolor="lime">These issues came up for discussion at<span dtx-highlight-backgroundcolor="lime"> the meeting of<span dtx-highlight-backgroundcolor="lime"> the India-China Joint Group on Economic Relations, Trade, Science and Technology, attended by<span dtx-highlight-backgroundcolor="lime"> the respective commerce ministers on Monday.
India's commerce and industry minister Anand Sharma said that a joint working group would be established soon and it would give its recommendations and assessments in 90 days. He said that China had assured India of addressing concerns over several issues, like adverse trade deficit, market access for Indian IT and pharma products. Both<span dtx-highlight-backgroundcolor="lime"> the sides agreed to 'seriously' look at encouraging mutual investment, he added
He invited Chinese companies to invest in<span dtx-highlight-backgroundcolor="lime"> the proposed National Investment and Manufacturing Zones (NMIZs). 'I am very happy that<span dtx-highlight-backgroundcolor="lime"> the response<span dtx-highlight-backgroundcolor="blue"> has been very positive and encouraging,' he said. 'We have also agreed to work on a five-year plan on economic cooperation. This<span dtx-highlight-backgroundcolor="blue"> has been proposed by Chen Deming and we welcomed and endorsed that. We have identified focal points and nodal authorities who will be working to put<span dtx-highlight-backgroundcolor="lime"> the development plan,' Sharma said talking of<span dtx-highlight-backgroundcolor="lime"> the visiting Chinese minister.
Addressing a joint press briefing, Deming said that during<span dtx-highlight-backgroundcolor="lime"> the time of global economic crisis,<span dtx-highlight-backgroundcolor="lime"> there was a need for streng<span dtx-highlight-backgroundcolor="lime">thening India-China economic relationship. He also expressed<span dtx-highlight-backgroundcolor="lime"> the hope that bilateral trade will achieve<span dtx-highlight-backgroundcolor="lime"> the target of USD 100 billion by 2015. 'Yes indeed. It was in<span dtx-highlight-backgroundcolor="lime"> the agenda that we discussed,' Deming said when asked whe<span dtx-highlight-backgroundcolor="lime">ther China<span dtx-highlight-backgroundcolor="blue"> has raised its concern over<span dtx-highlight-backgroundcolor="lime"> the duty hike by Indian on power equipment imports.
China is a major supplier of power equipment to India.<span dtx-highlight-backgroundcolor="lime"> The <span dtx-highlight-backgroundcolor="cyan">government <span dtx-highlight-backgroundcolor="blue">has recently raised<span dtx-highlight-backgroundcolor="lime"> the import duty to 21 per cent to protect domestic players. According to<span dtx-highlight-backgroundcolor="lime"> the provisional data,<span dtx-highlight-backgroundcolor="lime"> the trade deficit of USD 39.65 billion was in China's favour.
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