By IANS,
New Delhi: Expressing concern over the growing imbalance in bilateral trade, Commerce and Industry Minister Anand Sharma Wednesday requested China to provide greater market access to Indian goods and services, especially pharmaceuticals and IT services, to reduce the deficit.
“China has become our largest trading partner in the world though the balance of trade lies heavily in favour of China, and we would like to take measures to reduce this deficit,” Sharma said at the India-China Business Cooperative Summit here.
India-China bilateral trade has grown ten-fold in the last six years and the two countries target $60 billion trade this year. In the first 10 months of this calendar year, trade between the two most populous countries touched $50 billion. India’s exports to China amounted to $17 billion while Chinese exports to India were nearly $33 billion till October.
Sharma said with a combined market of $7 trillion, India and China have a huge potential to further boost their trade.
“We would like to diversify our export basket which will provide opportunities of expanding non-traditional exports. These efforts matched by greater market access for Indian goods in China where we have competitive advantage will help in strengthening our bilateral economic relations,” he said.
Visiting Chinese Prime Minister Wen Jiabao, along with a 400-strong business delegation, was present at the India-China Business Cooperative Summit which is aimed to strengthen bilateral economic relations.
Sharma urged Wen to provide greater access to Indian pharma companies in China’s market.
“Our pharma companies have been engaged in high-end research and seek to partner with China for greater trade and investment opportunities,” Sharma said, adding the cooperation would help in providing affordable healthcare to millions of poor people across the world.
China has launched a $125 billion plan to provide affordable healthcare over the next decade.
Sharma said Indian companies can supply drugs and medical equipments at much lower costs due to innovations.
“Indian innovations are not just in drugs and pharmaceutical sector but also medical equipment manufacture… ECG machines which cost $2,000 are being made at one-fifth of the cost here and a single dose of Hepatitis B vaccine is as low as 20 cents,” he added.
He also emphasised on the need for increasing investment linkages through collaborative ventures.