Patil seeks access for Indian pharma, IT services in China

Priyanka Tikoo
Beijing, May 28 (PTI) Although hers is only a goodwill
visit, Indian President Pratibha Patil did not lose the
opportunity of reminding the Chinese leadership of the huge
trade imbalance between the two sides and pressed it to open
up the market and give access to Indian pharmaceutical
industry, IT and engineering companies.
Patil, the first Indian Head of State to visit China in
a decade, took up the issue of the growing trade imbalance in
India-China trade ties during her talks here Thursday, which
included separate meetings with President Hu Jintao and
Premier Wen Jiabao.
In 2009, the trade imbalance tilted heavily against
India. China enjoyed trade surplus of USD 16 billion out of
the total USD 44 billion bilateral trade and its exports to
India nearly touched USD 30 billion last year.
During her talks, Patil sought access for Indian
pharmaceuticals companies, engineering goods, IT-enabled
services and agricultural products to the huge Chinese market,
official sources said.
India, which is otherwise competitive in manufacturing
and services, finds that 75 per cent of its exports to China
comprises commodities and raw materials like iron ore.
Industry sources said in sectors like IT,
pharmaceuticals, specialised engineering and manufacturing
etc., there is scope for greater India-China cooperation that
needs to be exploited.
Trade ties ties between India and China have undergone
significant transformation in the last two decades.
"Our engagement is broader and the relationship has
acquired more substance. From being an insignificant player,
China has become India's largest partner with USD 52 billion
of goods traded in 2008," an Indian official said.
Quantitatively, the two countries met their target of
USD 40 billion three years ahead of schedule and seem to be on
course to reach the USD 60 billion level by 2010, he said.
Indian IT can bring real value for the Chinese companies
to go global, he said, adding that Indian pharmaceuticals can
meet the expanding requirements of China's health care system.
"In the final analysis, we are today looking at a very
under-realised relationship. If we get it right, there are
immense possibilities for both of us. This will require us to
work together closely and cooperatively, with understanding
and appreciation of our mutual interests," the official said.
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