China promises to address trade deficit issue

China on Monday promised to address India’s growing concerns over the ballooning trade deficit and suggested expanding cooperation in areas like industrial production, tourism and border trade to achieve “overall balance” in bilateral commercial relations.

India has repeatedly voiced concern over the trade imbalance which last year crossed a whopping $57.86 billion over $95.5 billion total bilateral trade.

External Affairs Minister S Jaishankar, who is here for talks with the Chinese leadership , mentioned the trade deficit issue during talks as well as during a bilateral event.

India-China economic relationship too has seen “some progress, Jaishankar said. The bilateral trade has increased but so too has our deficit, which is a matter of some concern.

“We appreciate the steps taken in the last few months by the Chinese side to enhance imports from India. These efforts could expand to include measures to enable greater access for our pharmaceutical and IT products and services in the domestic Chinese market,” he said.

Chinese Foreign Minister Wang Yi, who was also present at the meeting, said China appreciates India’s concerns over the trade imbalance.