Press Esc to close

Trade will be balanced gradually, China assures India

Phnom Penh (Cambodia), Nov 19 ,2012 (IANS) 13:40 IST
China Monday assured India that it is aware of the need to balance trade between the two countries, which is heavily loaded in favour of Beijing, and "it will be done gradually".This was conveyed to Indian Prime Minister Manmohan Singh during bilateral talks with Chinese Premier Wen Jiabao at Peace Palace in the Cambodian capital Monday.

During the 45-minute talks between the two leaders, perhaps their last such official meeting with the Chinese premier set to step down from office following the leadership change in that country, Prime Minister Singh raised the issue of increasing India's market access to China, especially for IT, services and pharmaceuticals.

The Indian prime minister emphasised on the need for "accelerating exports to China", said Foreign Secretary Ranjan Mathai, briefing Indian journalists on the talks.
Premier Wen said "he was looking at gradual balancing of trade with India, and that they were cognizant of India's interests", said Mathai.

Wen said China "did recognise the need for balance in trade and said it would be done gradually".

India-China bilateral trade hit a record $73.9 billion last year, but the ballooning trade deficit in Beijing's favour rose to over $27 billion.

The bilateral trade registered a $12.2 billion increase in 2011, taking the total to $73.9 billion as against $61.7 billion in 2010, according to official trade figures for 2011.
Prime Minister Singh said India was "committed to working to achieving the full potential" on trade and emphasised on the need for greater market access, especially to IT, services and pharma sectors".

He also welcomed Chinese investments in infrastructure in India, which he said would help create employment and help to bridge the trade gap, said Mathai.

As part of boosting their trade, the two countries are holding a strategic economic dialogue at the end of November in New Delhi. The Indian side would be led by Planning Commission Deputy Chairman Montek Singh Ahluwalia.

Wen said a large Chinese economic delegation, with economic experts, would visit India to participate in the strategic economic dialogue.

The Regional Comprehensive Economic Partnership agreement did not figure in their talks, said Mathai. The RCEP, a trade agreement between the East Asia countries which is still being worked out, aims to create a trading highway among the countries of the Asia and Pacific.

The prime minister is visiting Phnom Penh, the Cambodian capital, Nov 18-20 to attend the 10th ASEAN-India Summit and the 7th East Asia Summit.

Go to Top

Most trending stories
Photo Gallery
Miss World 2017 Manushi Chhillar and actor Rekha pose for a picture...

Miss World 2017 Manushi Chhillar and actor Rekha pose for a picture...

Actor Sunny Leone gives her measurement for her wax statue to be displayed at Madame Tussauds...

Actor Sunny Leone gives her measurement for her wax statue to be displayed at Madame Tussauds...

A woman dries red chillies at a field in a village near Jodhpur on Thursday....

A woman dries red chillies at a field in a village near Jodhpur on Thursday....

Pope Francis holds a cross that reads in Spanish

Pope Francis holds a cross that reads in Spanish "I give you my peace" upon arrival...

A villager displays a mortar shell allegedly fired on a residential area from the Pakistan...

A villager displays a mortar shell allegedly fired on a residential area from the Pakistan...

A contingent of Territorial Army wait during the Republic Day parade rehearsal at Rajpath...

A contingent of Territorial Army wait during the Republic Day parade rehearsal at Rajpath...

'Boyevaya Machine Pekhoty' tanks seen at Vijay Chowk during the Republic Day parade rehearsal...

'Boyevaya Machine Pekhoty' tanks seen at Vijay Chowk during the Republic Day parade rehearsal...

Artists paint an idol of Goddess Saraswati at a workshop in Amritsar on Thursday...

Artists paint an idol of Goddess Saraswati at a workshop in Amritsar on Thursday...

Cranes lift a Boeing 737-800 of Turkey's Pegasus Airlines in Trabzon, Turkey...

Cranes lift a Boeing 737-800 of Turkey's Pegasus Airlines in Trabzon, Turkey...

Tableaux artists rehearse for the upcoming Republic Day parade at Rajpath in New Delhi...

Tableaux artists rehearse for the upcoming Republic Day parade at Rajpath in New Delhi...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523
Powered by Yodasoft Technologies Pvt. Ltd.