Trade imbalance: China hasnt kept promise on IT

The government expressed disappointment over China not fulfilling its promise to import more IT,ITeS and pharma products.

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The government on Thursday 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.

Commerce Minister Anand Sharma told Rajya Sabha,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.

During the 8th round meeting of the India-China Joint Economic Group last year,China had assured India that it would give India access,through government contracts,in sectors like pharmaceuticals and IT.

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Indias trade deficit with China in 2010 stood at $20.02 billion,against $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. Fifty per cent of Indias exports comprises iron ore. The trade with China is definitely skewed, Sharma said.

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