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Will engage with new leaders in China for trade balance: India

Last Updated: Thursday, November 8, 2012 - 22:52

Gurgaon: Ahead of leadership change in China, India on Thursday said it will continue to engage with its neighbour to find "some balance" in bilateral trade.

"We will continue trying to create a balance because there is an adverse balance of trade and we are seeking market access for Indian IT companies and pharmaceuticals and I hope it will come," Commerce and Industry Minister Anand Sharma said here at the World Economic Forum on India.

He was responding to a query on the change of leadership in China and India's expectations.

"I hope we find some balance in our trade, which we have talked to the previous (Chinese) Prime Minister. We would continue our dialogue and engagement. China is an important partner for India," Sharma added.

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.

China today began the process of its once-in-a-decade leadership change, with the 18th Congress of the ruling Communist Party starting off at the Great Hall of the People in Beijing.

Commenting on the re-election of Barack Obama as the US President, Sharma said: "I am confident that our economic and strategic partnership will be further consolidated. We are just waiting for the situation to stabilise".

As US is the largest economy in the world, it has to take a leadership position in driving the global multi-lateral trade talks, he added.

On the visa issues, he said: "A large number of professionals from other countries are welcomed in India. This is what a globalised economy is. If you are interdependent and inter-connected, you have to be a large hearted about the issue. You must encourage the movement of professionals".


First Published: Thursday, November 8, 2012 - 22:52
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