India will seek greater market access and removal of non-tariff barriers to bridge widening trade deficit with China during Prime Minister Narendra Modi’s visit this month, a senior commerce ministry official said.
India wants greater market access for its products including textiles, pharmaceuticals and bovine meat.
The country imports about 65 per cent of bulk drugs from China for its generic medicine industry but strict regulatory procedures in the neighbouring country restricts exports of drugs to that country.
The official said that during the Prime Minister’s visit to China, trade issues would be on the top agenda as “India would push aggressively for its demands”.
India’s bilateral trade with China stood at USD 65.85 billion in 2014-15, which is in the favour of China. The trade deficit is about USD 37 billion.
Recently Commerce Secretary Rajeev Kher has said that during the Prime Minister’s visit, India would discuss ways to increase presence of domestic products including automobiles and pharmaceuticals in the Chinese market.
“We will also see how Chinese investments can be channelised in India,” he has said.
Modi is scheduled to undertake a three-nation tour of China, Mongolia and South Korea this month.