|
India is keen on addressing the structural trade imbalance with China and has sought greater market access for Indian goods and services, with the country's exports to China growing by more than 36 per cent in 2025-26.
Speaking at a reception hosted by the Chinese Embassy in New Delhi to mark the 77th founding anniversary of the People's Republic of China, Commerce Secretary Rajesh Agrawal said economic and commercial relations remain an important part of bilateral engagement. "In 25-26, India-China bilateral trade reached 151.1 billion dollars. India's exports to China grew by over 36% to 19.47 billion dollars. We welcome this growth and see scope for further expansion," Agrawal said. He said India sees opportunities to expand exports in sectors including agriculture and marine products, pharmaceuticals, textiles, engineering goods and services. "We look forward to a more balanced and sustainable trade relationship with greater market access for Indian goods and services," he said. Agrawal said the issue was also discussed during recent meetings between Prime Minister Narendra Modi and Chinese President Xi Jinping. "During their recent meetings, our leaders underlined the need to address each other's concern, including structural trade imbalance and supply chain issues, and to facilitate meaningful and predictable market access," he said. PM Modi and President Xi met on the sidelines of the BRICS Summit in New Delhi on September 12. The two leaders had underlined the need to address concerns including the structural trade imbalance and supply-chain issues and facilitate meaningful and predictable market access. Agrawal also called for stronger business-to-business engagement, greater participation in trade fairs and cooperation in areas of mutual benefit. "Facilitation of business travel and visas is important for enabling closer interaction between our business communities," he said, adding that both sides should continue discussions on trade issues through relevant institutional mechanisms. He also cited the restoration of direct flights, reopening of border trade and progress on visa arrangements as developments providing positive momentum to bilateral relations. Both sides attach great importance to the strengthening of people-to-people ties, the resumption of Kailash Mansarovar Yatra, restoration of direct flights, reopening of border trade, as well as progress towards facilitating greater movement through appropriate visa arrangements, are welcome developments...As Prime Minister Narendra Modi has underlined, India's approach is guided by mutual trust, mutual sensitivity, and mutual interest, he said. Commerce Ministry trade data released earlier this month showed that India's merchandise exports to China rose 38.71 per cent during April-August 2026-27 compared with the same period a year earlier. Imports from China increased 27.01 per cent during the period. In August alone, exports to China grew 52.35 per cent year-on-year, while imports rose 17.07 per cent. (ANI)
|
