March 26, 2018 / 11:13 AM / a month ago

India says China promises to address trade deficit concerns

NEW DELHI (Reuters) - China on Monday promised to address India’s concerns about the trade deficit between the two countries, the Indian trade ministry said, adding that New Delhi has also sought greater market access for products like rapeseed, soyabean, rice and sugar.

Visiting Chinese Commerce Minister Zhong Shan “welcomed Indian investment in China and promised to address the trade deficit between the two countries,” India’s trade ministry said in a statement.

Bilateral trade between India and China boomed to $71.45 billion in 2016-17 from $1.83 billion in 1999-2000, though most of this is skewed to Chinese exports.

The trade deficit has widened to $51.1 billion, a nine-fold increase over the last decade, despite repeated Indian calls for China to address the imbalance and open its markets.

Reporting by Manoj Kumar; Writing by Krishna N. Das; Editing by Sanjeev Miglani

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