India and China to set up industry specific working groups to promote exports

Vastavam web: India and China have agreed to set up industry specific working groups for increasing exports with a view to bridge trade deficit with Beijing, Commerce Minister Suresh Prabhu today said.”Concerned about growing trade deficit with China, we agreed to set up industry specific working groups, to promote more exports from India,” Prabhu said in a tweet.Regional Comprehensive Economic Partnership (RCEP) is a mega trade pact among 16 countries which aims to cover goods, services, investments, economic and technical cooperation, competition and intellectual property rights.
At the sidelines of EAS meet, the minister met his Chinese counterpart Zhong Shan to discuss ways to promote bilateral trade between the countries. Both the ministers agreed to attend the Joint Economic Group Meeting.The department of commerce in a series of tweets said Prabhu invited Chinese businesses and industry to invest in India and offer facilitation of investments in special economic zones.Prabhu, who recently took charge of the ministry, also met Japanese minister of economy, trade and industry Hiroshige Seko, Korean trade minister Hyun Chong KIM and Australian minister for trade, tourism, investment Steven Ciobo.India’s trade deficit with China narrowed marginally to USD 51.08 billion in 2016-17 from USD 52.69 billion in 2015- 16.