Manmohan asks Li to open Chinese market for Indian goods
Updated: May 20, 2013 05:32:01pm
New Delhi, May 20 (KNN) Flooded with the Chinese goods in its market, India today conveyed to China that the trade flows should reverse enabling Indian exporters and manufacturers greater market in the dragon economy.
India’s concern over the widening trade deficit was conveyed by Prime Minister Manmohan Singh to visiting Chinese Prime Minsiter Li Keqiang who is on a three-day visit to India.
China accounted for a huge 20 per cent of India’s non-oil, non-gold imports, at USD 54 billion in fiscal 2012-13. It enjoys a trade surplus of about USD 40 billion in the two-way trade of USD 66 billion.
Be it idols of Hindu Gods and Goddesses or heavy power equipment or telecom gear, China has made for itself a pre-dominant position in the Indian market. However, its share in India’s total foreign direct investment is less than one per cent reflecting that the Chinese companies are only exporting and not keen on setting up manufacturing bases in India.
“I conveyed to Premier Li our concerns about the trade deficit and sought increased market access to China for our exports and investments. I also invited increased Chinese involvement in the vast opportunities in our infrastructure and manufacturing sectors,” the Indian Prime Minister said in a statement after his meeting with the Chinese Premiere.
In a joint statement issued after the talks between the two sides, it was stated that the issue of trade imbalance would be addressed. The specific measures in this regard include “cooperation on pharmaceutical supervision including registration, stronger links between Chinese enterprises and Indian IT industry, and completion of phytosanitary negotiations on agro-products. The Indian side welcomed Chinese enterprises to invest in India and participate in India's infrastructure development. Project contracting cooperation between the businesses of the two countries would be enhanced.
The two sides expressed willingness to carry out cooperation on establishing industrial zones so as to provide platforms for cluster-type development of enterprises of the two countries. (KNN)
India’s concern over the widening trade deficit was conveyed by Prime Minister Manmohan Singh to visiting Chinese Prime Minsiter Li Keqiang who is on a three-day visit to India.
China accounted for a huge 20 per cent of India’s non-oil, non-gold imports, at USD 54 billion in fiscal 2012-13. It enjoys a trade surplus of about USD 40 billion in the two-way trade of USD 66 billion.
Be it idols of Hindu Gods and Goddesses or heavy power equipment or telecom gear, China has made for itself a pre-dominant position in the Indian market. However, its share in India’s total foreign direct investment is less than one per cent reflecting that the Chinese companies are only exporting and not keen on setting up manufacturing bases in India.
“I conveyed to Premier Li our concerns about the trade deficit and sought increased market access to China for our exports and investments. I also invited increased Chinese involvement in the vast opportunities in our infrastructure and manufacturing sectors,” the Indian Prime Minister said in a statement after his meeting with the Chinese Premiere.
In a joint statement issued after the talks between the two sides, it was stated that the issue of trade imbalance would be addressed. The specific measures in this regard include “cooperation on pharmaceutical supervision including registration, stronger links between Chinese enterprises and Indian IT industry, and completion of phytosanitary negotiations on agro-products. The Indian side welcomed Chinese enterprises to invest in India and participate in India's infrastructure development. Project contracting cooperation between the businesses of the two countries would be enhanced.
The two sides expressed willingness to carry out cooperation on establishing industrial zones so as to provide platforms for cluster-type development of enterprises of the two countries. (KNN)
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