In US-China Trade War, India Eyes to Cut Down Trade Deficit With Beijing: Report
The Commerce Ministry is reportedly drawing up a list of 40 products which can be offered to Beijing as alternative to imports from the US.
New Delhi, Aug 28: As the trade war between the United States of America and China intensifies, India eyes an opportunity to cut down its $63 billion trade deficit with the eastern neighbour.
The Commerce Ministry is reportedly drawing up a list of 40 products which can be offered to Beijing as alternative to imports from the US.
A top source who is privy to the development told TOI that the list of products whose exports to China could be scaled up in the near-future includes fresh grapes, cotton linters, flue-cured tobacco, almonds, frozen bovine meat and alloy steel seamless boiler.
A boost in the above-mentioned products is expected to aid India in balancing the massive trade deficit with China, which also New Delhi's largest trading partner.
Notably, the Commerce Ministry has not issued any confirmation on whether it is contemplating to offer China alternatives to US imports. Experts, however, claim that the government should leave no stone unturned to reap benefits of the trade dispute between Washington and Beijing.
Earlier in the week, a meeting between US and China representatives made no headways, which led to the Washington pressing another set of tariffs on Chinese goods worth nearly $200 billion.
Beijing, so far, has shown a resilient approach, applying counter-tariffs on goods imported from the US. "We will not be cowed down by such tactics. China will unequivocally fight back the unfair trade war imposed on us," said the country's Foreign Minister Wang Yi.
(The above story first appeared on LatestLY on Aug 28, 2018 06:00 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).