China agrees to tackle trade imbalance

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Mains Paper 2: IR | India and its neighborhood- relations.

From UPSC perspective, the following things are important:

Prelims level: What is trade deficit?

Mains level: Important initiative to look after India’s concerns on the Trade Deficit, with China.


News

High-level official team is visiting India

  1. China has agreed to send a high-level official team led by Commerce Minister to address the issue of growing trade imbalance with India
  2. The development could be termed a breakthrough for India which is facing goods trade deficit with China

Decision came while Military tension between the two countries

  1. The China is keen to ensure that trade with India is not adversely affected by the prevailing military tension
  2. In case of a full-fledged ‘trade war,’ China will have much to lose with its goods exports to India in 2016-17 valued at a whopping $61.3 billion
  3. While India’s shipments worth just $10.2 billion to China
Foreign Policy Watch: India-China
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