New Delhi, Sep 24 (KNN) Cotton yarn, frozen fish, castor oil, gaur gum are some of the most sought items of export from India which have generated interest among Chinese businessmen during the India-China Business Matchmaking Symposium. 

“Purchase of cotton yarn and cotton linter worth USD 93 million, frozen fish and linter worth USD 68 million are the prominent products for which Memorandums of Understanding (MoUs) were signed during the India-China Business Matchmaking Symposium for boosting exports from India to China,” said the Ministry of Commerce and Industry today. 

The day-long meeting witnessed around sixty Indian companies from various sectors engaging themselves with an aim to find ways to address the trade imbalance.  Towards this, fifteen MoUs including those with small and medium enterprises (SMEs) were signed between India and China worth USD 338 million yesterday here.

Earlier in May 2013, India and China signed three MoUs on buffalo meat, fisheries and pharmaceuticals. With the implementation of the above memorandum, export of buffalo meat to China is expected to increase.

Further, with the co-operation on pharmaceutical between China Chamber of Commerce for Import and Export of Medicines and Health Products (CCCMHPIE) and the Pharmaceuticals Export Promotion Council of India (Pharmexcil), Indian generic drugs are expected to get market access in China.

Both the sides agreed to take measures to address the issue of the trade imbalance, striving to attain the turnover target of USD 100 billion by 2015. This includes cooperation on pharmaceutical supervision including registration, stronger links between Chinese enterprises and Indian Information Technology industry and completion of phyto-sanitary negotiations on agro-products.

Major items of Indian exports to China include cotton yarn, non-ferrous metals, minerals, plastic, linoleum products, spices, dyes, machinery, instruments etc. On the other hand, major imports from China include electronic goods, machinery, organic chemicals, project goods, fertilizers, transport equipment, electric machinery etc.

Meanwhile, the trade between both the two countries reached around USD 68 billion in 2012, which was less than bilateral trade of USD 73 billion in 2011 due to the slowdown.

There has been a fall in bilateral trade of 10.28 per cent during 2012-13, still the trade deficit for India in 2012-13 crossed USD 40 billion which is 3.49 per cent more than USD 39.44 billion deficit in the previous fiscal.  

India ranked 16th among the countries exporting to China while India was the seventh largest export destination for China in 2011. (KNN/GUNJ)