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India had a trade deficit of over $50 billion with China in 2016-17. Photo: Bloomberg
India had a trade deficit of over $50 billion with China in 2016-17. Photo: Bloomberg

India, China brainstorm about trade balance

India and China brainstorm on bilateral trade and investment including New Delhi's trade deficit with its neighbour and ways of promoting Chinese investments

New Delhi: India and China on Tuesday brainstormed on bilateral trade and investment including New Delhi’s trade deficit with its neighbour and ways of promoting Chinese investments in India, an official statement from federal policy think tank NITI Aayog said.

The third dialogue between NITI Aayog and the Development Research Center of the State Council (DRC) in Beijing highlights the heft that issues related to economic cooperation and sustainable growth are gaining in relations between the two neighbours that have often traded rhetoric over border issues.

“The importance of pursuing balanced and sustainable bilateral trade was noted and opportunities for promoting Chinese investments in the Indian economy were highlighted," said the statement. India had a trade deficit of over $50 billion with China in 2016-17.

The talks also covered areas of electric mobility, clean energy, higher education and special economic zones (SEZs).

The DRC is a policy research and consulting institution directly under the State Council, the apex decision-making body in the government of the People’s Republic of China.

Niti Aayog vice-chairman Rajiv Kumar and Li Wei, president, DRC led the talks, said the statement.

The two sides decided to hold their next meeting in India next year.

Trade deficit is one of the many irritants in the India-China relationship. The others include an unsettled border and India’s unease with China’s close ties with arch rival Pakistan besides Beijing’s opposition to India’s entry in global rule-making bodies like the Nuclear Suppliers Group.

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