Stressing that exporters and entrepreneurs deserved a greater access to Chinese markets, Commerce and Industry Minister Anand Sharma said that India had taken up the issue with the Chinese leadership at the highest level as the country has huge trade deficit with China. Sharma said, ‘we have a huge trade deficit with China and what is a cause of serious worry for us is the composition of trade with China as India remains an exporter of raw-material and importer of finished manufactured goods.’
By adding further, he said India had taken the issue of ballooning trade deficit with the Chinese leadership. India’s estimated trade deficit of around $39.65 billion was in favour of China. In fact, China has emerged as our largest trading partner at $69 billion and Indian exporters need more access to China market for sectors like pharma and IT.
Regarding the India-EU free trade agreement, Sharma said that the negotiations are at an advanced stage within the defined mandate and are taking care of all the sensitivities and concerns of the domestic industry, which ensure that the country will get more access to foreign markets for sectors such as textiles, pharma and IT.
On global economic slowdown, the minister said that the global economic conditions continued to be grim, which is impacting the India’s export. While, the government's initiative of diversification of export market has helped shipments grow. Meanwhile, India recorded $300.6 billion export during 2012-13, which missed the government target of $360 billion by a wide margin, also pushed up the trade deficit during the fiscal to $190.91 billion from $183.4 billion in the previous financial year.
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