India Post News Paper

Blog

 Breaking News

India, China to set up task force to address trade gap issue

May 15
03:46 2015

India, China to set up task force to address trade gap issueBEIJING: India and China have agreed to set up a high level task force to look into ways to address New Delhi’s concerns over widening trade deficit which has touched USD 48 billion in China’s favor.

India is seeking greater market access in China for its products in sectors such as pharmaceuticals, IT and agriculture, which are facing regulatory hurdles there.

Prime Minister Narendra Modi raised concerns over the expanding trade imbalance in favor of China after which the two sides decided to set up a high level task force to address it and other issues including market access.

“President Xi Jinping and Premier Li Keqiang were very receptive to the specific concerns I had raised on our growing trade deficit. We look forward to early impact on the ground,” Modi said.

“We have agreed to create a high-level task force to develop a strategic road-map to expand economic relations. It will cover a broad range of areas including Infrastructure, IT, Pharma, Agriculture and Manufacturing,” he added.

Trade deficit has increased by about 34 per cent to USD 48.43 billion in 2014-15 from USD 36.21 billion in the previous fiscal.

Modi said that “to maintain this partnership over the long run, we must also improve the access of Indian industry to the Chinese market. I am encouraged by President Xi’s and Premier Li’s commitment to resolve this problem”.

It was agreed that both sides will take necessary measures to remove impediments to bilateral trade and investment, facilitate greater market access to each other’s economies.

The two sides resolved to take joint measures to alleviate the skewed bilateral trade so as to realize its sustainability, said a joint statement.

“Such measures will include cooperation on pharmaceutical supervision including registration, speedier phytosanitary negotiations on agro-products for two-way trade, stronger links between Indian IT companies and Chinese enterprises, and increasing services trade in tourism, films, healthcare, IT and logistics,” it said. –PTI

Comments

comments

About Author

India Post Newspaper

India Post Newspaper

Related Articles

E-paper Latest Edition – October 15th, 2021

ADVERTISEMENT – ZEE5

ZEE 5 Subscription

ADVERTISEMENT – NORTHLAKE NATOMAS

 NORTHLAKE NATOMAS

50 SPIRITUAL APPETIZERS – VINOD DHAWAN

50-ad-Indiapost

It’s a lovely book. It feels energetically clear and light. It’s easy to read, dip in and out and most importantly it offers information without fluff! Blessings on this project.

Jac O’Keeffe
Spirituality teacher based in USA.

*Available on Amazon, Flipkart & other online stores*

ADVERTISEMENT – JOBSORA- FIND A JOB NOW!

Jobsora Jobs

POPULAR CATEGORIES

Download Media Kit

India Post Media Kit