New Delhi: India can explore export potential of food products like dairy products, marines, fresh and processed items to China with a view to bridge the widening trade gap, industry officials said today.
India has expressed concerns over widening trade deficit with China and limited market access to its products due to a host of issues. The trade deficit was USD 36.21 billion in the last fiscal.
"There is a huge trade deficit with China. That, of course ... Be a major cause of concern. There are various historical and structural reasons for this," Sanjeet Singh, Director, Commerce Ministry, said at a press conference on forthcoming global food and beverage event 'SIAL China'.
The country is keen to engage with the neighbouring country on wide range of areas including tourism and food sector, the official said.
India can explore export potential in dairy products, buffalo meat, marines, cereals and other fresh food and processed items to China provided the industry is organised, Bjoern Kempe, SIAL China official, said.
Around 60 Indian firms are participating in the global SIAL China expo to be held in Shanghai during May 6-8, he added.
India exports raw materials and imports mostly finished items. The export of products like engineering goods, pharmaceuticals and farm products is limited due to various issues related to tariff barriers, regulatory and other complexities.
Speaking at the event, Chinese Minister and Chief of the Mission Yao Jing said, "Indian companies have strong competition in China. We would like to have more Indian companies in our country."
Besides, he sought more efforts from India not only on policy front but also in providing infrastructure and other facilities to Chinese firms.