NEW DELHI: With huge trade imbalance in favor of China, India today strongly pitched for market access and invited Chinese investments in infrastructure sector to address the deficit.
“We have in mind Chinese involvement, we encourage and welcome and seek for working closely in infrastructure in our country and at the same time, we are looking for greater market access in Chinese pharma and IT sector. This will provide more balance in trade between the two countries,” External Affairs Minister Salman Khurshid said here.
The Minister was speaking at the inauguration of the first India China Media Forum.
“This matter (trade imbalance) was of high importance during Premier Li’s visit, even as we work for balance of trade, investments will significantly compensate to some extent the importance of sustainable balance of trade,” he said.
By the end of 2011, India’s trade deficit with China was USD 27 billion, and according to Chinese trade figures released in January, it expanded to USD 29 billion by 2012.
The Minister said this issue was very important for “not only our economic exchanges but also our working together on many global issues and closer cooperation. I believe this is happening in many areas such as global trade regimes and climate change.” -PTI
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