India, China to set up working groups to promote exports
New Delhi: India and China have agreed to set up industry specific working groups to increase exports with a view to bridge trade deficit with Beijing, commerce minister Suresh Prabhu said on Saturday.
“Concerned about growing trade deficit with China, we agreed to set up industry specific working groups, to promote more exports from India,” Prabhu said in a tweet. He is in Manila, the Philippines, to attend the fifth East Asia Summit (EAS) economic ministers’ meeting. At the sidelines of EAS meet, the minister met his Chinese counterpart Zhong Shan to discuss ways to promote bilateral trade between the countries.
Prabhu, who recently took charge of the ministry, also met Japanese minister of economy, trade and industry Hiroshige Seko and South Korean trade minister Hyun Chong Kim. The minister would also participate in the trade ministers’ meeting of 16 Regional Comprehensive Economic Partnership (RCEP) member countries. RCEP is a mega trade pact among 16 countries which aims to cover goods, services, investments, economic and technical cooperation, competition and intellectual property rights.
India’s trade deficit with China narrowed marginally to $51.08 billion in 2016-17 from $52.69 billion in 2015- 16. India wants greater market access in China for its goods and services like IT and pharma products. The country has also insisted upon China to increase investments.