Left Menu
Development News Edition

India and China agrees to address trade imbalance

The Chinese side reaffirmed their commitment to accelerating the provision of market access for Indian agricultural products.


India and China agrees to address trade imbalance
The two sides reaffirmed their aim to promote bilateral trade in the field of pharmaceuticals. (Image credit: PIB)

The eleventh session of the China-India joint-group on Economic Relations, Trade, Science & Technology was held on March 26, 2018. The session was co-chaired by the Union Minister of Commerce & Industry and Civil Aviation, Shri Suresh Prabhu and the Minister of Commerce of the People's Republic of China, Mr Zhong Shan.

The two Ministers while reaffirming and reiterating their commitments to promote a balanced and sustainable bilateral trade, agreed to continue to take forward the initiatives identified in the Five Year Development Programme for Economic and Trade Cooperation between the People's Republic of China and India signed in September 2014.

The Chinese side noted India's concern regarding the long existing trade imbalance and requests for market access of Indian products and services and expressed its commitment to address these concerns through the broad framework provided by successive JEGs and the Five Year Development Programme for Economic and Trade Cooperation between the People's Republic of China and the Republic of India.

The Chinese side reaffirmed their commitment to accelerating the provision of market access for Indian agricultural products pertaining to non-basmati rice, rape-seed meals, soya-meals, pomegranate and pomegranate arils, okra, banana and other fruits and vegetables and bovine meat expeditiously.

The two sides reaffirmed their aim to promote bilateral trade in the field of pharmaceuticals including resolution of issues of Indian pharma products exports to Chinese markets.

The Ministers agreed to draw-up a medium and long-term roadmap with action points and timelines for increasing bilateral trade between the two countries in a balanced and sustainable manner, as the two countries are the largest emerging economies of the world with 35 percent of the world's population and around 20 percent of the world's GDP but the relative volume of bilateral trade is less than one percent of global trade.

The two sides agreed to strengthen cooperation within WTO, and other multilateral and regional frameworks, to maintain their common interest. Both the sides reiterated their commitment to rules-based multilateral global trade.

(This is a reproduced press release from the government of India as it is. Devdiscourse bears no responsibility towards grammatical or factual errors that may have been presented in the report.)


TRENDING

OPINION/BLOG/INTERVIEW

JNU Administration's 100-meter challenge before JNUSU

For the first time in its history, Jawaharlal Nehru University JNU Administration is seeking permanent deployment of local police to keep protesting students at 100 meters away from the Administrative Block. It would be interesting to see h...

Sentiment Analysis of Twitter users during COP25: Governments losing trust on Climate Action

Sentiment analysis of Twitter users during COP25 in Madrid, being held from December 2-13, shows widespread fear on climate change due to global warming but almost no trust on governments in meeting the emission targets. In the analysis the...

These innovators are making humanitarian response more efficient

These alarming trends prompt a call for the world to not only address the ongoing crisis but also to adopt innovative approaches to fulfill the growing humanitarian needs in such emergencies. ...

Hyderabad Encounter: A sentiment analysis of public mood on day of encounter

Sentiment analysis of twitter users revealed that they showered salutes on Hyderabad police for eliminating alleged gang rapists of the veterinary doctor but only a few believe in cops version of successive events leading to encounter....

Videos

Latest News

Science News Roundup: Researchers criticize AI software that predicts emotions

Following is a summary of current science news briefs.Researchers criticize AI software that predicts emotionsA prominent group of researchers alarmed by the harmful social effects of artificial intelligence called Thursday for a ban on aut...

Sheena case: Forensic expert asked about hand-written entries

A forensic expert, who had analysed purported remains of murder victim Sheena Bora, was on Friday questioned about the hand-written entries made in electropherogram, a graph used for analysing DNA profile, as part of his cross-examination i...

6 to remain jailed in Denmark for alleged terror attack plot

Copenhagen Denmark, Dec 13 AP Six people who were arrested as part of what Danish authorities alleged was an Islamist-inspired attack plot have been ordered held in pre-trial custody for four weeks. Police in Denmark arrested 22 suspects in...

Talk is just more hot air as emissions keep rising, climate activists tell politicians

Climate activists demanded that governments put science above narrow political interests on Friday as negotiators battled to secure stronger commitments on the last day of a U.N. summit aimed at reducing the risk of catastrophic global warm...

Give Feedback