India Has Identified 380 Products To Bridge Wide Trade Deficit With China

India has identified and shared with China a list that names 380 products including those from the horticulture, textiles, chemicals and pharmaceuticals sectors as these hold huge export potential in the neighbouring country, according to a PTI report citing an official.

The report further said that by increasing the exports of these products, the wide trade deficit that India has with China could narrow down. The trade deficit stood at $50.12 billion during April-February 2018-19 period.

In the said period, India's exports to China rose by 28.61 percent to about $15 billion, and imports contracted by 6.29 percent to about $65 billion.

The official told PTI that in recent months, India's exports of marine products, cotton, organic chemicals, grapes and plastics have increased significantly.

Indian exporters face certain non-tariff measures in Chinese markets restricting exports to that country. On 4 April, the commerce ministry called a meeting of the stakeholders including export promotion councils and other government departments to discuss the ways it could increase exports to China.

India has been taking several steps to promote shipments to China and in recent times even managed to export agricultural goods such as non-basmati rice to China. The country is seeking greater market access for products that have the potential in the Chinese market.

The report said that Chinese Vice-Minister for General Administration of Customs of China (GACC) is expected to visit India in the coming month to discuss trade-related issues and finalize protocols for India's exports.