bilateral trade Current Affairs

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India and China sign agreement to inspect fish meal, fish oil imports

India and China signed protocol on hygiene and inspection requirements for exports of fish meal, fish oil imports from India to China. It was signed as part of discussions between India’s Commerce Ministry and six-member Chinese delegation led by Vice Minister, General Administration of Customs of China, Hu Wei on easing market access for exports of various farm products held in New Delhi.

Highlights of meeting

Both Indian and Chinese sides appreciated each other’s concerns and agreed to resolve market access issues expeditiously to achieve the vision of the leaders of both the countries by promoting a more balanced trade. Chinese delegation also discussed issues regarding market access for Chinese products such as milk and milk products, agricultural goods like soy meal, fruits and vegetables, tobacco and pharmaceuticals.

Protocol on hygiene and inspection requirements

This protocol for export of fish meal and fish oil from India to Chin is significant as India has been seeking market access for these items from China. It will enable India to commence export of fish meal and fish oil to China. China imports fish oil to tune of USD 143.29 million per year and fish meal worth US $263.43 million. It had so far not allowed these exports from India. This is the second Indian product to get clearance from China in the last six months. Earlier, during meeting of two countries in Wuhan, China protocol for Indian rice export to China was signed paving way for export of Indian rice to China.

Month: Categories: India Current Affairs 2018

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India-China trade hits record $84.4 billion in 2017

According to data of Chinese General Administration of Customs, India-China bilateral trade has reached $84.44 billion last year, a historic high with 18.63% year-on-year growth rate.

This is regarded as historic landmark in bilateral relations of both countries, as volume of bilateral trade for first time has touched $80 billion, well above the $71.18 billion registered in 2016.

Key Facts

India has emerged as the seventh largest export destination for Chinese products, and 24th largest exporter to China.

India’s imports and exports: It has increased by 39.11% year-on-year to $16.34 billion in 2017. India’s imports from China have increased by 14.59% to $68.10 billion.

Significantly, diamonds along with copper, iron ore, organic chemicals and cotton yarn contributed to increase Indian exports to China. China’s exports on other hand were dominated by electrical machinery and equipment,

India’s trade deficit: It continues to remain high at $51.75 billion, registering a growth of 8.55% year-on-year in 2017. To arrest it, India is pressing China to open its IT and Pharmaceutical sectors for Indian firms, fertilizers, organic chemicals and pharmaceutical antibiotics.

Comment

The bilateral trade has touched historic high despite bilateral tensions over number of bilateral issues including China-Pakistan Economic Corridor (CPEC), China blocking India’s efforts to bring about UN ban on Jaish-e-Mohammad leader Masood Azhar and blocking India’s entry into Nuclear Suppliers Group (NSG) as well as military standoff at Doklam plateau near Sikkim and Bhutan, lasting 73 days.

For several years, bilateral trade between India and China had stagnated around $70 billion, despite they had set target of $100 billion in 2015. Though it is still about $20 billion short, it is expect trade and Chinese investments in India to pick up further as both governments are trying to scale down tensions and step-up normalisation process.

Month: Categories: Business & Economy Current Affairs 2018

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