India is making efforts to diversify the trade basket with the emphasis on manufactured goods to reduce trade deficit with China.

New Delhi, Dec 12/Nationalturk – In order to reduce trade deficit with China, India is making efforts to diversify the trade basket with the emphasis on manufactured goods.

“India is making efforts to diversify the trade basket with emphasis on manufactured goods. We are also pursuing market access issues to tackle non-tariff barriers in the Chinese market at different fora,” India’s Minister of State in the Ministry of Commerce and Industry Dr E M Sudarsana Natchiappan informed Rajya Sabha – upper house of Indian parliament.

He said China and India have formed joint groups on Economic Relations, Trade, Science and Technology, where trade related issues are taken up regularly.

‘India’s trade deficit with China in 2012-13 was US $ 38,668.81 million’

During 2012-13, the minister said, Indian exports to China was US $ 13,579.51 million while imports was to the tune of US $ 52,248.33 million. The trade deficit with China was US $ 38,668.81 million during the period.

During the current year 2013-14 for the period April-October, exports to China was US$ 7,225.59 million and imports was US$ 30,511.17 million. The trade deficit declined by 2.6% during the above period over the corresponding period last year.

He said Indian exporters are being encouraged to participate in major trade fairs in China to show–case their products in the Chinese market and increase engagement with Chinese companies.

“Participation of Indian exporters in trade fairs educates Chinese importers about niche of Indian products. Business-to-business relations are also encouraged through schemes such as Market Access Initiative (MAI)/Market Development Assistance (MDA) for promoting exports to China,” he said.

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