India to raise trade deficit issue with China today
New Delhi: India is expected to raise the issue of its widening trade deficit with China and matters related to market access for IT and agriculture products in the joint economic group meeting on Monday.
The issues would come up during the meeting between Commerce and Industry Minister Anand Sharma and his Chinese counterpart Chen Deming. The ministers are meeting here for the ninth session of India-China Joint Economic Group (JEG).
"Sharma is likely to raise the issue of growing trade deficit. The issues related to market access in IT and ITeS and Indian agricultural products are also likely to be raised," an official statement said.
According to the provisional data, the trade deficit between the nations stood at USD 39.65 billion.
Export of pharmaceutical products, diamonds, sea food to China are also likely to be discussed in the meeting. Investment related issues and import of Indian films by Chinese side are also likely to come up for discussion, it said.
The Chinese side is expected to discuss ways to strengthen cooperation in trade remedies and service trade.
"The border trade issues between India and China, and modes to improve investment and operation environment for Chinese enterprises in India are also likely to be put to discussion," the statement said.
The JEG was formed in December 1988 during the visit of the then Prime Minister Rajiv Gandhi to Beijing.
The first meeting of the JEG was held here in 1989. The last session was held in Beijing on January 19, 2010.
In 2011-12, the bilateral trade between the countries stood at USD 75.45 billion. While India's exports stood at USD 17.90 billion, imports were USD 57.55 billion.