NEW DELHI: Private companies from India and China signed more than 120
MoUs for export of various products from India, including sugar,
chemicals, fish, plastics, pharmaceuticals and fertilisers recently.
“China is working to bring down its trade surplus with India. In the
first eight months of this year, India’s trade deficit went down by 1.6
per cent to $37.9 billion,”
Zhu Xiaohong, Counsellor, Embassy of China, pointed out at the
India-China Business Meeting & Signing Ceremony organised by FICCI.
Modi and Xi held the second India-China Informal Summit on October 11-12.
Over 60 Chinese entrepreneurs from 34 sectors will carry out trade
promotion activities in India; these enterprises have formalised trade
agreements with orders of about $100 million, pointed out, Liu Changyu,
Deputy Director General, Foreign Trade Department of Ministry of
Commerce.
India’s trade deficit with China fell to $53 billion in 2018-19 from
over $60 billion a year ago, but it still accounts for almost a third of
India’s overall trade deficit.
Zhu said that attract Chinese customers, India needs to focus on
compatibility, competitiveness, creativity and cooperation. “Chinese
consumers want products that are competitive. Also products lacking
innovation cannot succeed in the Chinese market,” he cautioned.
The Chinese Ministry of Commerce is willing to strengthen cooperation
with departments in India to improve economic and trade development,
said Liu. “Chinese enterprises have responded to the ‘Make in India’ and
‘Digital India’ campaigns and their investment in India has exceeded $8
billion,” he said.
“In the next 15 years, China will import $30 trillion of goods and $100
billion of services from the world. As the only two major developing
countries with a population of over 1 billion, China and India are
focussing on development,” he said.
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