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2011-08-25

China deviating from its promise

China deviating from its promise

As promised, China is not fulfilling its promise to import more IT, ITeS and pharma products from India, Commerce and Industry Minister Anand Sharma said on Wednesday.

"At the time of India-China Joint Economic Group, we had discussed the issue of IT and ITeS exports as also pharma with China. Unfortunately, that is yet to be done. We will take up the issue with China once again," Sharma told Rajya Sabha.

During the 8th round meeting of the India-China Joint Economic Group (JEG) last year, China had assured India that it would give India access, through government contracts, in sectors like pharmaceuticals and IT.

More exports by China could help reduce the hugely-tilted trade imbalance favouring Beijing.In 2010, India's trade deficit with China stood at $20.02 billion, more than $15.87 billion registered in 2009.

China has already emerged as one of the largest trading partners of India. In 2010, the bilateral trade stood at $61.74 billion, which is expected to touch the $100 billion- mark by 2015.

"We are exporting primarily raw materials to China, while it is exporting semi-finished products to us. 50 per cent of India's exports comprise iron ore. The trade with China is definitely skewed," Sharma said.

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