Expressing care over the growing imbalance in bilateral trade, Commerce and Industry Minister Anand Sharma Wednesday requested China to provide greater market access to Indian goods and services, primarily pharmaceuticals and IT services, to reduce the shortage.
‘China has chance our largest trading partner in the world though the equilibrium of trade lies heavily in assistance of China, and we would like to take measures to reduce this deficit,’ Sharma said at the India-China Business Cooperative Summit here.
India-China bilateral trade has grown ten-fold in the last 6 years and the 2 countries target $60 billion trade this year. In the premier 10 months of this almanac year, trade among the two maximum populous countries touched $50 billion. India’s exports to China summed to $17 billion meantime Chinese exports to India were approximately $33 billion till October.
Sharma said with a combined market of $7 trillion, India and China have a mammoth latent to further increase their trade.
‘We would like apt diversify our export basket which ambition cater opportunities of expanding non-traditional exports. These exertions matched along greater mall access as Indian goods in China where we have competitive convenience will assist in reinforcing our bilateral economic relations,’ he said.
Visiting Chinese Prime Minister Wen Jiabao cheer, according with a 400-strong commerce delegation clothes, was present at the India-China Business Cooperative Summit which is aimed to strengthen bilateral economic relations.
Sharma urged Wen to provide greater access to Indian pharma companies in China’s market.
‘Our pharma companies have been busy in high-end research and quest to partner with China for greater trade and investment opportunities beam,’ Sharma said story, adding the cooperation would help in providing affordable healthcare to millions of poor human cross the globe.
China has launched a $125 billion blueprint to provide affordable healthcare over the afterward ten-year.
Sharma said Indian companies tin afford narcotics and medicinal equipments by many lower costs due to innovations.
‘Indian innovations are no fair in drugs and pill sector but also medical equipment manufacture… ECG machines which cost $2,000 are being made at one-fifth of the cost here and a single dose of Hepatitis B vaccine namely for low as 20 cents,’ he added.
He also emphasised ashore the absence for increasing investment linkages through collaborative attempts.
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