China removes import duties on 28 medicines, India's pharma industry to benefit from the move

In the meeting of India China Joint Group on Economic Relations, Trade, Science and Technology , the issue regarding trade imbalance was discussed. China has promised to adreess the issue of trade gap.

China has removed its import duties on 28 medicines including oncology drugs from May 1. The move is expected to benefit India by exporting pharmaceuticals to the neighbouring countries.

China has exempted import tariffs (duties) for 28 drugs, including all cancer drugs, from May 1st. Good news for India's pharmaceutical industry and medicine export to China. I believe this will help reduce trade imbalance between China and India in the future," Chinese Ambassador to India Luo Zhaohui said in a tweet. 

In the meeting of India China Joint Group on Economic Relations, Trade, Science and Technology, the issue regarding trade imbalance was discussed. China has promised to address the issue of the trade gap.

The trade deficit with China was at USD 36.73 billion during April-October 2017-18. It was USD 51 billion in 2016-17. 

China's door to the outside world will open wider. Indian businesses are welcome," he added. 

He also revealed that China would also improve the business environment by reducing the time required to open a business.

The neighbouring country has also expressed its agreement on setting up an industry park so as to increase investments and bridge trade deficits.