China exempts import duties for 28 drugs from May 1, Indian exporters to benefit

New Delhi, May 4 (KNN) In a move which would boost Indian pharmaceutical industry and medicine exporters, China has removed import duties on as many as 28 medicines, including all cancer drugs, from May 1.

Chinese Ambassador to India Luo Zhaohui, in a tweet, said, “China has exempted import tariffs (duties) for 28 drugs, including all cancer drugs, from May 1st. Good news for India’s pharmaceutical industry and medicine export to China. I believe this will help reduce trade imbalance between China and India in the future.”

The move will help in giving Indian exporters a greater market in China. The trade deficit with China, which has always been a cause of worry, stood at USD 36.73 billion during April-October 2017-18. It was USD 51 billion in 2016-17.

Zhaohui also said that China would further improve business environment by halving time required to open a business.

“China’s door to the outside world will open wider. Indian businesses are welcome,” he added.

India too has sought investments from China. The neighbouring country has agreed to set up Industry Park in India to increase investments and bridge trade deficit.