Beijing says it will work with New Delhi on their trade imbalance, market access, and supply-chain issues following high-level talks
China has said it is ready to expand trade and economic cooperation with India and address each other’s concerns following recent high-level talks in New Delhi.
”China stands ready to work with India to implement the important consensus reached by the leaders of the two countries,” Chinese Embassy spokesperson Yu Jing wrote in a post on X on Monday.
Indian Prime Minister Narendra Modi and Chinese President Xi Jinping met on the sidelines of the recently concluded BRICS summit, where they underlined the need to deliver on issues important to each side, including the structural trade imbalance, supply chain issues, and the facilitation of meaningful and predictable market access.
On Monday, Chinese Commerce Minister Wang Wentao and Indian Commerce and Industry Minister Piyush Goyal followed that up with a meeting in New Delhi aimed at understanding each other’s positions on various trade-related problems, Indian Commerce Secretary Rajesh Agrawal said.
The two Asian neighbors are seeking to build on a recent thaw in bilateral ties, which were frozen following a border skirmish in 2020. India recently allowed Chinese investment in strategic sectors and industries and the two countries have re-established air and trade links.
China’s Minister of Commerce Wang Wentao met with Indian Minister of Commerce and Industry Piyush Goyal in Delhi.
India is an important neighbor of China. China stands ready to work with India to implement the important consensus reached by the leaders of the two countries,… pic.twitter.com/2oLJweWLoD
Beijing wants to expand “mutually beneficial cooperation in the economic and trade fields” and “properly address each other’s economic and trade concerns in a balanced manner,” the Chinese Embassy spokesperson added.
India’s trade deficit with China rose to $112.16 billion in the financial year ended March, as imports reached $131.63 billion. Beijing is now New Delhi’s biggest trading partner, with Chinese goods accounting for nearly 17% of imports. A significant share of these imports are inputs needed for Indian industry, such as machinery, electronics, and critical and rare-earth minerals.
However, Indian pharma, IT services, specialty chemicals, and agricultural goods have faced difficulties with market access in China.
Modi and Xi on Saturday reviewed the broader India-China relationship, and agreed on the need to work on outstanding points of mutual concern. They also called for stronger business links and greater mobility between the two countries.
The two leaders also expressed commitment to a fair, reasonable, and mutually acceptable resolution of the boundary question.
