China has promised to allow import of more products from India to reduce the trade imbalance between the two countries. This pledge was made during the just-concluded Joint Economic Group meeting in New Delhi attended by the commerce ministers of the two countries.
"China has promised to allow the import of more products from India, to close an existing $23.4 billion trade gap between the two countries, despite a series of trade disputes in recent months," state-run China Daily reported.
The JEG meeting was held in New Delhi early this month and attended by India's commerce minister Anand Sharma and his Chinese counterpart Chen Deming. India had focussed on the yawning trade gap and pressed China to open up India information technology, pharmaceuticals, agricultural products, besides Bollywood films.
Chinese officials said that both sides have agreed to work toward a "more balanced" trade model, the report said.
"It is significant for the two sides to enhance trade cooperation, due to the divergence of the structure of products between China and India and their leading economic positions in Asia," Huo Jianguo, president of the Chinese Academy of International Trade and Economic Cooperation with the Ministry of Commerce, said.