India, China Agree to Draw Roadmap for Increasing Bilateral Trade in Sustainable Manner (Download PDF)

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India and China have agreed to draw a roadmap with action points and timelines for increasing bilateral trade in a sustainable manner in the eleventh session of the China-India joint-group on Economic Relations, Trade, Science & Technology. India wants medium- and long-term roadmap with action points and timelines is to address the $51 billion trade deficit between the two countries.

Chart of India's Goods Trade With China

Chart of India’S Goods Trade with China

Chart of India’s Goods Trade With China

Key Points of the Meeting

  • Both countries reaffirmed and reiterated their commitments to promote balanced and sustainable bilateral trade.

  • They agreed to continue to take forward initiatives identified in Five Year Development Program for Economic and Trade Cooperation (DPETC) signed between both countries in September 2014.

  • China noted India’s concern regarding long existing trade imbalance and requests for market access for Indian products and services.

  • It expressed commitment to address these concerns through broad framework provided by successive JEGs and Five Year DPETC.

  • China reaffirmed its commitment to accelerate provision of market access for Indian agricultural products pertaining to non-basmati rice, soya-meals, rape-seed meals, pomegranate and pomegranate arils, okra, banana and other fruits and vegetables and bovine meat expeditiously.

  • Both countries reaffirmed their aim to promote bilateral trade in field of pharmaceuticals including resolution of issues of Indian pharma products exports to Chinese markets.

  • Draw-up medium and long-term roadmap with action points and timelines to increase bilateral trade between in balanced and sustainable manner.

  • Agreed to strengthen cooperation within WTO and other multilateral and regional frameworks and to maintainable manner.

  • Strengthen cooperation within WTO and other multilateral and regional frameworks and to maintain their common interest. Both sides reiterated their commitment to rules based multilateral global trade. Background

  • India and China are the largest emerging economies of world with 35 % of the world’s population and around 20 % of the world’s GDP but the relative volume of bilateral trade is less than 1 % of global trade.

  • India-China bilateral trade has reached $84.44 billion last year, a historic high with 18.63 % year-on-year growth rate. India is seventh largest export destination for Chinese products, and 24th largest exporter to China. India’s trade deficit.

  • It continues to remain high at $51.75 billion, registering a growth of 8.55 % year-on-year in 2017

- Published/Last Modified on: June 29, 2018

International Relations/Organizations

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