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India-China Joint Economic Group to meet in Oct
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SME Times News Bureau | 21 Aug, 2013
The next meeting of the India-China Joint Economic Group (JEG) is likely to be held in Beijing in late October.
The
JEG meeting figure in talks Commerce and Industry Minister Anand Sharma
had with his Chinese counterpart Gao Hucheng in the Brunei capital
Bandar Seri Begawan Tuesday.
Sharma informed Gao about India’s
preparedness for further engagements in the three working groups
constituted during the prime ministerial meeting in March this year.
The
working group on the trade and economic cooperation is mandated to
prepare an action oriented work plan for improving India’s trade
imbalance with China.
Sharma tried to attract the Chinese
minister’s attention to India’s pending request for facilitating Indian
exports of pharmaceuticals, agricultural products, buffalo meat and
information technology services.
“A favourable action in the
matter is needed from the Chinese side. India and China have many
complementaries in these sectors particularly in IT and ITeS sector and
the pharmaceutical sector. Joining hands in these sectors would prove a
win-win situation for both the countries,” Sharma said, according to an
official release here.
In the last JEG meeting with China on
August 27, 2012 in New Delhi, Sharma had handed over to the Chinese
Minister of Commerce the roadmap for enhanced cooperation between India
and China in IT& ITeS and the pharmaceuticals sector.
He was
assured Tuesday by Gao that China would make every effort to facilitate
imports from India for bridging trade imbalance. Both agreed that the
working group should meet in September for further work.
The two
ministers also agreed that the other two working groups on trade in
services and trade statistics should also meet in September with a view
to implement the decisions of their leaders.
Sharma also sought
Chinese investment in manufacturing in the National Manufacturing
Investment Zones. China showed special interest in infrastructure, power
and capital goods manufacturing. They will finalize the details of such
understanding during their next meeting in October.
During January-June period this yeaar, India’s export to China stood at $5.42 billion whereas imports were $24.70 billion.
The
minister also exchanged views on the state of negotiations on the Doha
Round for the Ministerial meeting in Bali in December.
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