India has reportedly shared with China a list of 380 products, including those from horticulture, textiles and chemicals, as their shipments hold huge export potential.
Though India’s exports of marine products, cotton, organic chemicals, grapes and plastics to China increased significantly in recent months, some non-tariff measures in China restrict exports. Increasing exports of the products mentioned in the list will help India narrow the widening trade deficit with China, which stood at $50.12 billion during April-February 2018-19, according to a news agency report.
During the same period, India’s exports to China grew by 28.61 per cent to about $15.00 billion, while imports reduced by 6.29 per cent to about $65 billion.
Chinese vice minister for general administration of customs of China (GACC) is reportedly expected to visit India next month to discuss trade-related issues. Some more protocols for India’s exports are expected to be finalised in that meeting.
The Indian commerce ministry had on April 4 called a meeting of stakeholders, including export promotion councils and other government departments, to discuss ways to increase exports to China.