India-China to set up working groups to expand bilateral trade
 Source : NewsBharati  Date : 10-Sep-2017


Manila, September 10: In a bid to expand economic ties, India and China have agreed to set up industry specific working groups with a view to bridge the trade deficit with Beijing.

 

Commerce Minister Suresh Prabhu said in a tweet that India wants greater market access in China for its goods and services like IT and pharma products. India's trade deficit with China has marginally narrowed down to 51.08 billion US Dollars in 2016-17 from 52.69 billion US Dollars in 2015-16.

The department of commerce in a series of tweets said Prabhu invited Chinese businesses and industry to invest in India and offer facilitation of investments in special economic zones.

"Both ministers agreed to set up product, sector specific joint working group (JWG) to promote exports and bilateral trade," the department added.

Prabhu is in Manila, the Philippines to attend the fifth East Asia Summit Economic Ministers' Meeting. At the sidelines of the meet, the minister met his Chinese counterpart Zhong Shan to discuss ways to promote bilateral trade between the two countries.

The minister would also participate in the trade ministers' meeting of 16 RCEP member countries today. Regional Comprehensive Economic Partnership (RCEP) is a mega trade pact among 16 countries which aims to cover goods, services, investments, economic and technical cooperation, competition and intellectual property rights.