Will seriously address trade imbalance: China assures India

Priyanka Tikoo
Shanghai, May 30 (PTI) India Sunday secured an
assurance from China that it will "seriously" address the
unviable trade imbalance that gives it a USD 16 billion
surplus, even as it opened for the first time its market for
Indian agricultural produce by allowing the maiden commercial
consignment of mangoes.
The assurance has been conveyed to Indian President
Pratibha Patil by Chinese Premier Wen Jiabao and was
reiterated in this commercial capital of China by the Shanghai
Municipal Communist Party Secretary Yu Zhengsheng, India's
Foreign Secretary Nirupama Rao told reporters at the
conclusion of the Indian leader's discussions with the Chinese
leadership.
Rao said Wen, whom Patil had met in Beijing, had told
he would "seriously" look into the trade imbalance issue and
Yu Sunday said addressing trade balance was part of their long
-term strategy.
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.
"...They have assured us that it is something they take
very seriously and they understand that it unviable to sustain
such trade imbalance in medium-term and long-term," Rao said.
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