New Delhi: In the first nine months of this year, India’s trade with China touched $ 90 billion, an increase of 49% compared to last year, Harsh Shringla’s foreign secretary said on Thursday.
However, there are major trade balance that supports China, and India will continue to increase the problem of deficits wide with China, he added.
“At this level, we tend to achieve the highest bilateral trade between two countries,” he said.
The total trading volume between the two countries is around $ 88 billion.
The sharp increase in trade followed military disputes in East Ladakh and government efforts to reduce dependence on Chinese imports along with many calls to boycott Chinese products.
Overcoming the seminar on “Utilizing China’s Economics”, Shringla said developments along the LAC in East Ladakh had seriously disrupted peace and tranquility in the border area and that this also had an impact on a broader relationship.
He expressed Chinese expectations to work with India for completion Military deadlock that is satisfying and allows progress in bonding, given the aspirations, sensitivity, and interests of each other.
“The concern of our trade deficit is double – the first, is the actual size of the deficit.
The trade deficit for the nine months period reached $ 47 billion.
This is the biggest trade deficit that we have with any country.
Second is the fact that imbalances continue to widen, “said Shringla, added that there were a number of barriers to market access, including a number of non-tariff barriers, for most Indian agricultural products and competitive Indian sectors, such as drugs, IT / ITES, etc.
“We have highlighted that more deficits and increased trade barriers are a matter of concern.
This has been regularly marked at the highest level, last in the second informal Summit between our prime minister and China President in Chennai in 2019.
We also remain firm In our commitment to put this trade relations on a more sustainable footing and increase this problem at all in accordance with the Chinese side.
Development has since, including Covid pandemics, has not helped in our efforts to overcome this problem, “he said.