India has urged for a more balanced trade relationship with China, emphasizing the need for sustainability and addressing existing economic challenges, according to Commerce Secretary Rajesh Agrawal. Speaking on Wednesday, Agrawal highlighted the importance of tackling the structural trade imbalance and improving supply chain issues between the two nations.
Both countries are keen on strengthening their economic ties, with India pushing for greater access to Chinese markets. Agrawal mentioned the potential for expanding Indian exports in various sectors, including agriculture, marine products, pharmaceuticals, textiles, and engineering goods and services.
The call for a more equitable trade environment comes amid recent diplomatic engagements between Indian Prime Minister Narendra Modi and Chinese President Xi Jinping. The leaders have agreed that differences should be managed without escalating into disputes, a sentiment echoed by Agrawal in his remarks.
Efforts to facilitate business travel and streamline visa processes are also being stressed as necessary steps to enhance interactions between Indian and Chinese business communities. This facilitation is seen as crucial for creating a conducive environment for bilateral trade.
India is looking to continue its engagement through established trade mechanisms to address ongoing economic concerns and to establish more predictable conditions for businesses on both sides. As the two countries work towards these goals, the focus remains on fostering a more balanced and sustainable trade relationship.