India, whose trade with China has been on a fast growth track in recent years, has decided to showcase products in four key sectors such as food and agricultural products, pharmaceuticals, information technology enabled services, tourism and services sector at the ongoing China International Import Expo as part of its efforts to bring down its trade deficit with China. These four areas represent a very small Indian presence in China contrary to India’s strengths and overall global presence, according to a statement on the website of the Embassy of India in China. “We are looking for buyers for rice, tea, soybean meal and rapeseed meal in China,” Sanjay Srivastava, general manager of Indian company JFK International Ltd, told the Global Times on Monday. He added that the company has great expectations for the Chinese market.
Manoj Kumar, assistant manager of National Agricultural Cooperative Marketing Federation of India, also introduced the products the Indian National Pavilion will showcase to Chinese consumers. “One of the items is soybeans. As far as quality parameters, India produces best quality of soymeal, rapeseed meal, parboiled rice and sugar,” he told the Global Times on Monday, adding that China is one of the largest consumers of the commodity. China scrapped tariffs on Indian soybean imports on July 1 amid trade tensions with the US. Kumar said India will showcase all kinds of agricultural products at the expo, including rice, sugar, soybean meal and rapeseed meal.
China is India’s largest trading partner with total trade expected to reach the $100 billion mark in near future. Both countries have expressed a resolve to address India’s concern regarding large trade deficits with China. Bilateral trade volume between China and India in 2017 reached $84.4 billion, up by 20.3 percent year-on-year, the biggest increase in the past five years, according to data released by the Ministry of Commerce. The growth rate also surpassed the levels seen by most of China’s trading partners last year, including Japan’s 12.8 percent, South Korea’s 13.7 percent and Thailand’s 8.7 percent.
However, India’s trade deficit with China, at 350.7 billion yuan ($50.5 billion) in 2017 by MOFCOM’s calculation, have raised concerns. Efforts to promote India’s exports to China have been going on at various levels and the Embassy said it had organized a series of business promotions and buyer-seller meets covering products like sugar, tea, rice, oil meal and pharmaceuticals in 2018. Such efforts received encouraging participation from Chinese importers, the Embassy said. (source: globaltimes)