Beijing: China has removed import duties on as many as 28 medicines, including all cancer drugs, from May 1, a move that would help India export these pharmaceuticals to the neighbouring country.
The development assumes significance as India has time and again asked for greater market access for its goods and services, including IT, pharmaceuticals, and agriculture, in the Chinese market to reduce the widening trade deficit.
In the meeting of the China Joint Group on Economic Relations, Trade, Science and Technology, the issue of trade imbalance was discussed in detail. China, on its part, promised to address the trade gap issue.
Trade deficit with China stood at USD 36.73 billion during April-October 2017-18. It was USD 51 billion in 2016-17.
Chinese Ambassador,Luo Zhaohui, said, “China would further improve the business environment by halving the time required to open a business. China’s door to the outside world will open wider”.
India too has sought investments from China. The neighbouring country has agreed to set up an Industry Park in India to increase investments and bridge trade deficit.
China has removed import duties on as many as 28 medicines, including all cancer drugs, from May 1, a move that would help India to export these pharmaceuticals to the neighbouring country.
The development assumes significance as India has time and again asked for greater market access for its goods and services, including IT, pharmaceuticals, and agriculture, in the Chinese market to reduce the widening trade deficit.
In the meeting of the China Joint Group on Economic Relations, Trade, Science and Technology, the issue of trade imbalance was discussed in detail. China, on its part, promised to address the trade gap issue.
Trade deficit with China stood at USD 36.73 billion during April-October 2017-18. It was USD 51 billion in 2016-17.
Chinese Ambassador, Luo Zhaohui, said, “China would further improve the business environment by halving the time required to open a business. China’s door to the outside world will open wider”.
India, too, has sought investments from China. The neighbouring country has agreed to set up an Industry Park in India to increase investments and bridge the trade deficit.
