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English Release 20-December 2014
Date Month Year
  • Prime Minister's Office
  • Prime Minister Congratulates Indian men and women Kabaddi teams for winning Kabaddi World Cups
  • PM attends meeting of Somnath Trust
  • Min of Home Affairs
  • H.P. Chaudhary advises SSB to face challenges with commitment and confidence
  • Min of Information & Broadcasting
  • Shri Arun Jaitley inaugurates Multimedia Exhibition on Former Prime Minister Shri Atal Bihari Vajpayee
  • Min of Parliamentary Affairs
  • Winter Session of Parliament enters final lap; Rajya Sabha still to decide on crucial Bills Lok Sabha’s productivity rises to 105% while that of Rajya Sabha declines to 68% Lok Sabha so far clears a record 17 Bills and Rajya Sabha only 11 Introduction of GST Bill in Lok Sabha, passing of labour reform Bills mark the high points of session
  • Min of Personnel, Public Grievances & Pensions
  • ACC Appointments
  • Min of Road Transport & Highways
  • Nitin Gadkari calls upon the Industry to invest in development of Inland Waterways
  • Min of Urban Development
  • National Level City Stakeholder Consultation held to finalize guidelines for HRIDAY Scheme; Shri Venkaiah Naidu emphasizes that the future development of any city must take into consideration its nature, history, and culture
  • LED based energy efficient smartstreet lights launched in Delhi by the Union Urban Development Minister Shri M.Venkaiah Naidu; Says that the Government is committed to work for development and betterment of the masses

Previous Date

 
Ministry of Commerce & Industry20-May, 2013 10:02 IST
India, China Sign MoUs to Address Concerns on Trade Deficit

India and China today here signed three Memorandum of Understandings (MoUs) on buffalo meat, fisheries and pharmaceuticals; and one agreement on feed and feed ingredients. These MoUs will address the growing trade deficit between the two countries. The trade deficit has increased from USD 1.08 billion in 2001-02 to USD 40.77 billion in 2012-13. The MoUs were signed during the visit of the Premier of the State Council of the People’s Republic of China, Mr. Li Keqiang to India.

The Union Minister of Commerce, Industry & Textiles Shri Anand Sharma said that “the signing of the MoUs between India and China is a good beginning to address the issues India is raising with China from time to time. All the sectors are of immense trade importance to India and India has clear price and quality competitiveness in these sectors to compete in the world market.”

A MoU for the export of buffalo meat from India to China was signed between Chinese General Administration of Quality Supervision, Inspection and Quarantine (AQSIQ) and India’s Agricultural and Processed Food Products Export Development Authority (APEDA). The export of buffalo meat is not allowed from India to China and this has been a long pending issue between two countries. With the resumption of trade, India hopes a big merchandise trade that will not only be helpful in reducing trade imbalance of India but also in China’s food security by providing quality and hygiene meat products.

The Marine Products Export Development Authority (MPEDA) and AQSIQ signed a MoU on cooperation for import and export trade of fishery products. The MoU aims to institutionalise cooperation in promoting trade of fishery products and healthy development of trade between India and China. India is expecting more exports from India to China through this cooperation.

A MoU was also signed between Pharmaceuticals Export Promotion Council of India (Pharmexcil) and The China Chamber of Commerce for Import and Export of Medicines and Health Products (CCCMHPIE). India has been finding it difficult to expand its trade with China in the pharmaceutical sector. The signing of the MoU is expected to facilitate access to the China market in pharmaceuticals. The average imports of medicinal and pharmaceutical products from China during last five years were USD 4332.37 million vis-à-vis exports from India of USD 692.44 million.

An agreement was also signed between Export Inspection Council of India (EIC) and AQSIQ on trade and safety of feed and feed ingredients. India hopes a big merchandise trade for feed & feed ingredients after the resumption of trade as China has suspended import of feed and feed ingredients since January 1, 2012.

A work programme was also constituted on the Working Groups constituted during the 9th Joint Economic Group (JEG). The programme proposes concrete deliverables to constitute and define detailed mandate of the Working Groups as per the spirit of the JEG held on 27th August 2012 in New Delhi.

The bilateral trade between India and China had gone up from USD 2.09 billion in 2001-02 to the high of USD 75.59 billion in 2011-12; which tapered to USD 67.83 billion during the year 2012-13.

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(Release ID :96098)

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