India had suggested to China trade in local currency in order to boost its exports and tackle the widening trade deficit concern
New Delhi: China has not accepted India’s proposal to carry out bilateral trade in local currencies which was aimed at bridging the ballooning trade deficit with the neighbouring country, an official said. India’s exports to China stood at only $13.4 billion, imports aggregated to $76.4 billion in 2017-18, leaving a trade deficit of $63 billion. It was $51.11 billion in 2016-17.
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