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It will be a step to cut down the trade gap between the two countries as China has agreed on increasing exports from India. The officials of the two countries will be meeting in the coming month to discuss the concerns India has to get access to the China market.
Suresh Prabhu, the union commerce minister in an industry even on Friday told that “China has agreed to increase its imports from the country…Global disruptions offer a chance to increase Indian exports. India and China are working together to resolve issues related to market access. They will hold meetings with Indian exporters soon to address their concerns relating to market access and trade regulations. Some progress has already been made with Indian rice being shipped to China.”
The trade deficit of the country with China is $63 million in 2017-18 which is the largest in comparison with the trade deficit with any country.
The officials told that work was going on to increase the export of sugar, rice, and rapeseed to the neighboring country. The ministry of commerce is also working on the renminbi-rupee trade feasibility and if it could be the answer to the depreciating value of rupee and increasing the trade deficit.
India has sent its first shipment of 100 tonnes on non-basmati rice to China just last month. The officials said that the industry traders feel there is a potential to export as much as 1 million tonnes of rice to China in a few years time.
Just last week China also removed the ban on rapeseed meal import from India which is a protein source for the animal feed.