Thursday, 19 April, 2018


India offers to supply soybean to China at high-level economic dialogue

Bennie Garza | 17 April, 2018, 04:00

"China attaches great importance to its relations with India, and stands ready to work with India to implement the major consensus reached by the leaders of the two countries", Hua said.

The dialogue comes a day after National Security Advisor Ajit Doval held talks with a top Chinese diplomat and Politburo member Yang Jiechi in Shanghai, and ahead of several key dialogues between the two neighbours, who have been looking to set ties on track after last year's border standoff at Doklam.

India on Saturday offered to help China meet its demand for soybean and sugar in the wake of Beijing proposing hefty duties on imports of American commodities because of trade tensions with Washington.

Making a case for China to look at Indian agricultural exports in view of the trade spat, Kumar, in his opening address, made a thinly veiled attack on USA and Western countries' protectionist policies.

China and the U.S. - the world's two largest economies - are locked in an ugly trade spat with both sides hitting back at each other by imposing slapping economic tariffs.

"But this is marred and disrupted by unseemingly protectionist noises that are coming out from the Atlantic basin from North America and Europe", he said.

China's rapid development has benefited the USA economy over the years, Garrett said.

"Maybe India can substitute for some of the items like soybean and sugar", Kumar said, adding China could offer favourable terms to farmers.

Kumar said there is vast potential to set up special clusters for Chinese investments like textiles, leather, food processing, electronic components and pharmaceuticals.

"This year, under the guidance of the two countries' leaders, the relationship between China and India has maintained a positive momentum with close exchanges and new cooperation progress at various levels", Hua said.

"We are keen that this investment take place in our country". We want to collaborate on advanced R&D in renewable and solar energy in alternate materials for improving the lives of batteries.

Kumar also asked China to increase the number of working groups under the dialogue mechanism - now five groups focus on infrastructure, hi-tech, energy, resource conservation andpolicy coordination - to include pharmaceuticals and culture.

"We have liberalized as you know all the business visa regimes for the Chinese investors to come. So if there can be liberalization of entertainment and if you can expand working groups from current five to two more: one on culture which includes entertainment; the other one could be one on pharmaceuticals because we import a lot of your pharmaceuticals APIs". In his address, He Lifeng said China will study Kumar's proposals and will have further discussions on them.

"The Indian side took this opportunity to express concerns regarding growing trade imbalance with China andhuge untapped potential of India's exports to China by addressing market access issues", an Indian embassy statement said.

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