The move would help India to export these pharma products to the neighbouring country.
China has removed import duties on as many as 28 medicines, including all cancer drugs, from May 1. The move would help India to export these pharma products to the neighbouring country. “China has exempted import tariffs (duties) for 28 drugs, including all cancer drugs, from May 1, 2018. Good news for India’s pharma industry and medicine export to China. I believe this will help reduce trade imbalance between China and India in the future,” said Luo Zhaohui, Chinese Ambassador to India. The development assumes significance as India has time and again asked for greater market access for its goods and services, including IT, pharmaceuticals and agriculture, in the Chinese market to reduce the widening trade deficit.
In the meeting of India China Joint Group on Economic Relations, Trade, Science and Technology here, the issue of trade imbalance was discussed in detail. China on its part promised to address the trade gap issue. Trade deficit with China stood at $36.73 billion during April-October 2017-18. It was $51 billion in 2016-17. He also said that China would further improve business environment by halving time required to open a business. “China’s door to the outside world will open wider. Indian businesses are welcome,” he added.
India too has sought investments from China. The neighbouring country has agreed to set up industry park in India to increase investments and bridge trade deficit.