China on Friday said it was ready to work with India to address “each other's” economic and trade concerns after Finance Minister Nirmala Sitharaman criticised Beijing's restrictions on market access for the country's products.
“What I can tell you is that China never aims for trade surplus”, Chinese Foreign Ministry spokesperson Mao Ning told a media briefing, replying to a question on Sitharaman's comments reiterating China's stand on India's concerns over the trade deficit.
“We stand ready to work with India to address each other's economic and trade concerns in a balanced way and promote the steady development of bilateral relations”, she said, stating that the question is to be addressed to relevant Chinese authorities.
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Reacting to India's trade deficit with China crossing USD 100 billion in the first nine months, Sitharaman on Friday said the growing trade imbalance and persistent restrictions on market access for Indian products remained major concerns, despite years of engagement with Beijing.
India has consistently sought market access in China for products such as generic medicines, bovine meat, vegetables and other perishable goods, but made little progress despite years of engagement, Sitharaman said in an interaction with the Atlantic Council on the sidelines of the IMF-World Bank annual meetings in Bangkok, Thailand.
"Non-tariff barriers are the biggest hurdle in the trade between India and China," she said, adding that China had used phytosanitary measures and other non-tariff restrictions despite the potential for discussions and investigations to resolve such issues.
She said India had not adopted the approach of imposing punitive tariffs on trading partners to correct large trade imbalances, preferring instead to pursue negotiations, even if the process was time-consuming.
Sitharaman was reacting to nine-month trade data released by China Customs on Wednesday, revealing India's trade deficit with China widened to USD 105.93 billion, which is a 20.7 per cent increase compared to last year.
The total bilateral trade grew to USD 144.45 billion, registering 25.4 per cent, according to the data for January to September released by China Customs.
China's exports to India touched USD 125.19 billion, registering a 23.3 per cent increase.
Indian exports to China too continue to grow, touching USD 19.26 billion, registering a 40.7 per cent increase compared to the same period last year.
Over the years, India has been demanding that China open its IT, pharma, and agricultural produce, which are India's strong areas, but with little success.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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