India has identified and shared a list of 380 products including horticulture, textiles, chemicals and pharmaceuticals with China as their shipments hold huge export potential in the neighbouring country, an official said.
Increasing exports of these products would help India narrow the widening trade deficit with China, which stood at USD 50.12 billion during April-February 2018-19.
During the period, India’s exports to China grew by 28.61 per cent to about USD 15 billion, while imports contracted by 6.29 per cent to about USD 65 billion.
The official said that in the recent months, India’s exports of marine products, cotton, organic chemicals, grapes and plastics have increased significantly.
Indian exporters face certain non-tariff measures in Chinese markets, which restrict exports to that country.
The commerce ministry on April 4 had called a meeting of stakeholders including export promotion councils and other government departments to discuss ways to increase exports to China.
India is taking several steps to promote shipments to China. Recently, it has managed to export agricultural goods such as non-basmati rice to China.
India is seeking greater market access for various agricultural products, animal feeds, oil seeds, milk and milk products, pharmaceuticals in light of the potential of these products/services in the Chinese market
The official also said that next month Chinese Vice-Minister for General Administration of Customs of China (GACC) is expected to visit India to discuss trade related issues.
In that meeting, some more protocols for India’s exports are expected to be finalised, the official added.
[“source=businesstoday”]
