NEW DELHI: Commerce and industry minister Anand Sharma has raised the issue of trade imbalance with his Chinese counterpart in Brunei on Tuesday, seeking measures for a more balanced trade.
Sharma is in Dubai to attend ministerial meetings on Regional Comprehensive Economic Partnership Agreement, East Asian Economic Ministers Meeting and the ASEAN-India Ministerial meeting. The minister drew the attention of Chinese minister Gao Hucheng to India's pending request for facilitating exports of pharmaceuticals, agricultural products, buffalo meat and IT services.
In 2012-13, India had a traded deficit of $38.7 billion with China. India imported $52.2 billion worth of goods while its exports added up to $13.5 billion. Sharma was assured that Chinawould make efforts to bridge trade imbalance, the commerce ministry said in a statement from Delhi.
"A favorable action in the matter is needed from Chinese side. India and China have many complementarities 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" said Sharma according to the statement.
Sharma informed Hucheng about India's preparedness for further engagements in the three working groups constituted during the Prime Ministerial Meeting earlier 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.
Both sides agreed that the working group should meet in September for further work out the details. They 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.
The Indian minister sought Chinese investment in manufacturing in the National Manufacturing Investment Zones. The minister also exchanged views on the state of negotiations on the Doha Round for the Ministerial meeting in Bali.