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Let's set up bilateral trade target of $100 bn by 2020, Xi tells Modi

Says Beijing is looking at importing non-Basmati rice as well as sugar to address the trade deficit

Press Trust of India  |  Qingdao (China) 

Prime Minister,Narendra Modi meeting the President of the People's Republic of China,  Xi Jinping, on the sidelines of the Shanghai Cooperation Organisation (SCO) Summit, in Qingdao, China on Saturday. Photo: PTI
Prime Minister Narendra Modi meeting President of People’s Republic of China, Xi Jinping, on the sidelines of the Shanghai Cooperation Organisation (SCO) Summit, in Qingdao, China on Saturday. Photo: PTI

today suggested that the two countries set up a new bilateral trade target of $100 billion by 2020 as is looking at importing rice as well as sugar to address the trade deficit.

Modi had detailed discussions with Xi on bilateral and global issues on the sidelines (SCO) summit here.

Modi said his meeting with Xi today would add further vigour to the India-friendship after their first informal summit at in April.

Addressing a press briefing here, said that Xi suggested to Modi that and should set up a new bilateral trade target of $100 billion by 2020.

The India-bilateral trade reached $84.44 billion last year, according to data of the in March.

The two countries had earlier set a bilateral trade target of $100 billion by 2015.

Gokhale said that has allowed China's state-owned to open its branch in

"There were some discussion on trade and investment related issues. And in that context Xi told Modi that China is looking at enhancing agricultural exports from including rice and sugar," Gokhale said.

An agreement was signed between China's General Administration of Customs and India's Department of Agriculture, Cooperation and Farmers Welfare on Phytosanitary requirements for exporting rice from India to China, one of the world's biggest rice markets.

The on Phytosanitary Requirements for Exporting Rice from India to China has been amended to include the export of non-varieties of rice from India.

At present, India can only export Basmati rice to China.

A couple of business delegations from India and the have visited China in the recent months and it is hoped that this will lead to additional imports from India this year, he said.

"The Chinese side also said that it will encourage our companies to register for high quality Indian in the Chinese market. This was an important aspect from our perspective because we have been pressing for greater pharma exports into the country," the said.

In response to the president's suggestion for enhancing financial cooperation between the two countries and also helping trade, the Prime Minister conveyed to President Xi India's readiness to permit the to establish its branch in Mumbai," Gokhale said.

China has been promising to address the issue of trade deficit with India which has been seeking a greater market access for its goods and services in China.

Trade deficit with China stood at $36.73 billion during April-October this fiscal.

India's trade deficit with China has marginally dipped to $51 billion in 2016-17 from $52.69 billion in the previous fiscal.

First Published: Sat, June 09 2018. 22:05 IST
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