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MoU with China to Address Trade Deficit

India and China have signed MoUs /Agreements to promote Indian exports to China during the visit of Premier Mr. Li Keqiang to India in May 2013. Details are given below:

(i)    MoU for the Export of Buffalo Meat from India to China entered into  between the  Agricultural and Processed Food Products Export Development Authority (APEDA) and the  General Administration of Quality Supervision, Inspection and Quarantine of the People™s Republic of China (AQSIQ)

(ii) MoU on Cooperation Related to Import and Export Trade of Fishery Products entered into between the Marine Products Export Development Authority (MPEDA) and AQSIQ

(iii) Agreement on Trade and Safety of Feed and Feed Ingredients entered into between the Export Inspection Council of India (EIC) and AQSIQ

(iv) MoU between the China Chamber of Commerce for Import and Export of Medicines and Health Products (CCCMHPIE)and Pharmaceuticals Export Promotion Council of India (Pharmexcil) for co-operation on Pharma.

Details of import-export and trade deficit with China during last three years are given below:-

Table-1; Trade & Trade Deficit Statistics between India and China

 

                                                                                     Value in USD Million       

Year

Import

Export

Total Trade

 

Trade Deficit

 

2010-11

43,479.76

15,482.70

58,962.46

 27,997.06

2011-12

57,517.88

18,076.55

75,594.44

  39,441.33

2012-13

54,324.04

13,503.00

67,827.04

   40,821.04

      2013-14

(April- June )(P)

12,080.91

2,435.91

14,516.82

9,645.00

(P)Provisional (Source; DGCI&S)

Major items of Indian exports to China include cotton raw & yarn, non-ferrous metals, iron ore, other ores and minerals, plastic& linoleum products, spices, Dyes/intermediates, machinery & instruments and petroleum (crude& products). Major imports from China include electronic goods, machinery, organic chemicals, project goods, fertilizers, iron and steel, transport equipments, electric machinery (except electronics) and manufactures of metals.

With the implementation of the above MoUs, export of buffalo meat, and feed and feed ingredients to China are expected to benefit. With the operationalization of the MoU on co-operation on Pharma between CCCMHPIE and thePharmexcil, Indian generic drugs are expected to get market access in China.

This information was given by the Minister of State in the Ministry of Commerce and Industry, Dr. D. Purandeswariin a written reply in the Rajya Sabha today.

Tags: April-JuneBalance of tradeChinaImport and ExportIndiaMarine Products Export Development AuthorityMay 2013United States Department of Commerce

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