China has agreed to increase its imports from India, says Suresh Prabhu

Commerce and Industry Minister Suresh Prabhu said on Friday that China has agreed to increase its imports from the country.

“Global disruptions offer a chance to increase Indian exports,” Prabhu said at an event organised by the Confederation of Indian Industries (CII). Prabhu said Chinese authorities will hold a meeting in November specifically with Indian exporters to address their concerns relating to market access and trade regulations.

India’s trade deficit with China is its widest with any country, with large amounts of electronics and other items flowing across the border with its northern neighbour.

Prabhu asked the industry to become more aggressive in exploring export opportunities in new markets such as Africa and Latin America. He said the action plan prepared by the ministry to boost exports will be released soon.

“There are huge opportunities for exports in Saarc and Asean countries,” Prabhu said, adding India is working with the US to resolve all the pending issues to boost bilateral trade.

“The US is raising issues related to data localisation, issues related to duty imposed by Indian on IT products. We are engaged with the discussion (with them),” he added.