China has said it values India’s concerns on the bilateral trade imbalance and is willing to discuss new approaches to address the issue and asked New Delhi to join Beijing in its fight against 'unilateralism and protectionism' amidst its bruising trade war with the US.
India for long has been pressing China to open its pharmaceutical market for Indian exports to address the yawning trade deficit which last year according to Chinese figures, crossed 57 billion dollars in a 95.5 billion dollar trade.
The new Chinese Ambassador to India, Mr. Sun Weidong, said, 'China highly values India’s concerns on trade imbalance. But I have to point out that we have never deliberately pursued a trade surplus against India.' China for its part, Mr. Sun said, has taken measures to increase import of rice and sugar and accelerated the process of review and approvals of Indian pharmaceuticals and agricultural goods.
He said latest figures show that China’s imports of Indian goods grew by 15 per cent and more Indian goods have found their way to the Chinese market. India’s export of agricultural goods to China last year actually doubled, he said.
'According to statistics in the first half this year, India’s trade deficit against China is down by five per cent. So I am convinced that with the concerted efforts the issue of trade imbalance between India and China will be gradually addressed,' he said.