India, China hold talks on providing market access to domestic products

India and China have held wide ranging discussions on various issues, including providing market access to domestic products in the neighbouring country, the commerce ministry said Monday. The meeting was held last week in Beijing between Commerce Secretary Anup Wadhawan and Vice-Minister of General Administration of China Customs (GACC) Zhang Jiwen. Both the countries have signed a protocol for exporting non-basmati rice, fish meal and fish oil to China, it said.GACC has also approved six Indian mills for export of rapeseed meal to China, it added. Both the nations have also inked a protocol to export Indian tobacco leaves to China, which is the largest consumer and producer of tobacco with over 350 million smokers – the world’s highest.These developments assume significance as India wants to increase exports to China with a view to bridge the ballooning trade deficit, which has increased to USD 63.12 billion in 2017-18 from USD 51.08 billion in the previous fiscal.
Courtesy : Financial Express