NEW DELHI – China-India trade grew 49% to US$90 billion (RM374.1 billion) in the first nine months of 2021 compared with the corresponding period last year.
India is expecting record growth in its trade exchange with China this year, a senior Indian foreign ministry official said.
The trade deficit for the January-September period stood at US$47 billion, Foreign Secretary Harsh Vardhan Shringla said yesterday.
“This is the largest trade deficit we have with any country,” he told a seminar.
India is looking to gain more market access in China for its pharmaceutical, agricultural, and information technology products to narrow the huge trade deficit with the world's second largest economy.
The total trade volume between the two countries was around US$88 billion in 2020.
Underlining the significance of developing close economic relations with China, Shringla said it was the only major economy to have registered positive growth in 2020 despite the Covid-19 pandemic.
Being the largest contributor to the world trade and our largest trading partner, it is imperative for us to have a better understanding of China's economy,” he said.
The Indian official also touched upon a border dispute between the two countries.
“We hope that the Chinese side will work with us to bring a satisfactory resolution to the current issues so as to make progress on our bilateral relations keeping in view each other's sensitivities, aspirations and interests,” Shringla said.
India and China have mobilised tens of thousands of soldiers and heavy weaponry along the Line of Actual Control (LAC) in the eastern Ladakh region since tensions erupted in May last year.
The border standoff remains unresolved despite many rounds of talks between their diplomatic and military officials. – Bernama, October 22, 2021
