India sore over China not allowing IT, pharma exports
The government today expressed disappointment over China not fulfilling its promise to import more IT, ITeS and pharma products, which could help reduce the hugely-tilted trade imbalance favouring Beijing.india Updated: Aug 24, 2011 15:15 IST
The government on Wednesday expressed disappointment over China not fulfilling its promise to import more IT, ITeS and pharma products, which could help reduce the hugely-tilted trade imbalance favouring Beijing.
"At the time of India-China Joint Economic Group, we had discussed the issue of IT and ITeS exports as also pharma with China. Unfortunately, that is yet to be done. We will take up the issue with China once again," commerce & industry minister Anand Sharma told Rajya Sabha during the Question Hour.
During the 8th round meeting of the India-China Joint Economic Group (JEG) in 2010, China had assured India that it would give India access, through government contracts, in sectors like pharmaceuticals and IT.
India's trade deficit with China in 2010 stood at $20.02 billion, more than $15.87 billion registered in 2009.
China has already emerged as one of the largest trading partners of India. In 2010, the bilateral trade stood at $61.74 billion, which is expected to touch the $100 billion-mark by 2015.
"We are exporting primarily raw materials to China, while it is exporting semi-finished products to us. 50% of India's exports comprises iron ore. The trade with China is definitely skewed," Sharma said.
Replying to a question from NCP's Govindrao Adik as to what measures the government was taking to stop the Indian market from being flooded with Chinese products, Sharma said government was monitoring the situation and steps were taken accordingly.
In December 2009, India had banned import of all mobile phones which did not have IEMI numbers (specific numbers that a handset carries which enables tracking it in case of need).