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Sitharaman asks China for greater market access to cut trade deficit

IANS  |  New Delhi 

has sought greater market access for its goods, especially rice and pharmaceutical products, into in view of its mounting trade deficit which is a cause of growing concern, an official statement said here on Thursday.

"Commerce and Industries Minister and Chinese Vice Minister for Ministry of Finance and Commerce Wang Shouwen exchanged notes on trade and commerce and agreed that the mounting bilateral trade deficit has been a cause for concern for which seeks greater market access for its goods for a long-term sustainable trade relationship," a statement from the Commerce Ministry said.

Sitharaman asked for expeditious clearances for import of Indian rice and pharmaceutical products into -- especially those which already have US Food and Drug Administration accreditation.

Expressing concern at the long-drawn procedures for clearances which tend to frustrate the Indian companies seeking business opportunities in China, she asked Wang to consider demonstration of IT/ITeS projects for Indian companies, which have acquired global acclaim.

"Sitharaman requested for 'buying missions' to to source Indian tobacco and oil meals, amongst other things," the statement said.

The two leaders in consonance with the apex level meetings convened by Prime Minister Narendra Modi and Chinese President Xi Jinping, agreed that measures on providing greater market access for Indian goods and services in need a demonstrative action, it added.

Wang assured that would act on the concerns expressed by regarding market access for Indian goods, and said that recently has quickened the pace of granting clearances to Indian pharmaceutical companies.

Wang requested the cooperation of in various multilateral fora where and are engaged -- the Regional Comprehensive Economic Partnership with services being an integral part of the cooperation agreement.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, October 13 2016. 14:14 IST