India-China Joint Economic Group to meet in October

The next meeting of the India-China Joint Economic Group (JEG) is likely to be held in Beijing in late October.

The JEG meeting figure in talks Commerce and Industry Minister Anand Sharma had with his Chinese counterpart Gao Hucheng in the Brunei capital Bandar Seri Begawan Tuesday.

Sharma informed Gao about India's preparedness for further engagements in the three working groups constituted during the prime ministerial meeting in March this year.

The working group on the trade and economic cooperation is mandated to prepare an action oriented work plan for improving India's trade imbalance with China.

Sharma tried to attract the Chinese minister's attention to India's pending request for facilitating Indian exports of pharmaceuticals, agricultural products, buffalo meat and information technology services.

"A favourable action in the matter is needed from the Chinese side. India and China have many complementaries in these sectors particularly in IT and ITeS sector and the pharmaceutical sector. Joining hands in these sectors would prove a win-win situation for both the countries," Sharma said, according to an official release here.

In the last JEG meeting with China on August 27, 2012 in New Delhi, Sharma had handed over to the Chinese Minister of Commerce the roadmap for enhanced cooperation between India and China in IT& ITeS and the pharmaceuticals sector.

He was assured Tuesday by Gao that China would make every effort to facilitate imports from India for bridging trade imbalance. Both agreed that the working group should meet in September for further work.

The two ministers also agreed that the other two working groups on trade in services and trade statistics should also meet in September with a view to implement the decisions of their leaders.

Sharma also sought Chinese investment in manufacturing in the National Manufacturing Investment Zones. China showed special interest in infrastructure, power and capital goods manufacturing. They will finalize the details of such understanding during their next meeting in October.

During January-June period this yeaar, India's export to China stood at $5.42 billion whereas imports were $24.70 billion.

The minister also exchanged views on the state of negotiations on the Doha Round for the Ministerial meeting in Bali in December.