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India offers soybean exports to China amid trade war with US

IANS  |  Beijing 

In the wake of a raging US-trade war, on Sunday offered to export and other products to Beijing, which has slapped retaliatory tariffs on American products.

also slammed the US for its "protectionist" trade policies, saying the "unseemly" practice has hurt the world's economic recovery.

At the 5th India-Strategic Economic Dialogue in Beijing, said that and were unruffled by the "protectionist noises" and could well be the important anchor for the world

"We have noticed that you import a lot of probably to the tune of $20 billion or more," Kumar said.

"And I was noticing that there were some tariffs that were issued on farmers from and etc. Maybe can substitute for something like soybeans and sugar if we could have access to those exports with all the due quality considerations for that you might have on our farmers. That might be very useful," Kumar said referring to the US-trade war.

China and the US -- the world's two largest economies -- are locked in an ugly trade spat with both sides hitting back at each other by imposing slapping economic tariffs.

In the first week of April, the US announced tariffs worth $50 billion on Chinese products which, it said, was the result of forcing the American companies to transfer their technology to China's firms.

was quick to fire back by imposing taxes on 106 US products.

The wrangling has worried the world, which is witnessing a sluggish economic growth.

In March, US had threatened India with retaliatory tariffs if did not lower taxes on American products.

"There is for the first time a cyclical and synchronized recovery in the world happening after a very long time. But this is actually marred and disrupted by some unseemly protectionist noises that are coming out of the Atlantic basin, North America, and Europe," Kumar said in an oblique reference to China.

"But thankfully the emerging economies of have seemed to ignore these protectionist noises and have continued to grow at a very high rate of speed with China growing at 6.8 and India growing 7-7.2 per cent," Kumar added.

The dialogue was attended by the delegation of

Kumar said that India and China need to work for a better economic climate for our investors and entrepreneurs.

"We both have to do ease of doing business so that our procedures, red tape, and non-barriers get sorted out so that investors from both the countries in their respective fields get the investment opportunities."

"We have liberalized as you know all the business visa regimes for the Chinese investors to come. We now give them multiple three-month visas. If you could make this possible for our investors, it will really help in taking this investment forward from Indian investors who are very keen to come to China."

"Dangal has been a great success in China and if that is so we would like to expose the Chinese population to some more Indian movies. So if there can be liberalization of entertainment and if you can expand working groups from current five to two more: one on culture which includes entertainment; the other one could be one on because we import a lot of your APIs."

"The time has come for those APIs to be used in some formulation that could be re-exported to China with all the regulations of China and our highest quality."



(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Sat, April 14 2018. 21:48 IST