Trade Deficit between India and China
Government of India has been taking continuous and sustained steps to bridge trade deficit by lowering the trade barriers for Indian exports to China. During the 11th session of India-China Joint Group on Economic Relations(JEG) held in New Delhi on 26 March 2018, the Trade Ministers of two countries agreed to increasing bilateral trade between the two countries in a balanced and more sustainable manner. In this regard various meetings have been held with Chinese counterparts as a part of ongoing efforts to seek market access for various Indian agricultural products, animal feeds, oil seeds, milk and milk products, pharmaceutical products etc., in light of the potential of these products/services in the Chinese market. Also protocols have been signed to facilitate export of Indian rice, rapeseed meal, fishmeal – fish oil and tobacco leaves from India to China.
India has an elaborate and robust legal framework and institutional set up to protect its environment, life and health of its people, plants and animals. All goods imported into India are subject to domestic laws, rules, orders, regulations, technical specifications, environment and safety norms that are notified from time to time. The Government takes appropriate action in case goods imported from any source are found to violate these regulations and threaten human, animal or plant life or health.
In addition, trade defence measures like anti-dumping duty and countervailing duty, safeguard measures are enforced under the prescribed WTO provisions.Directorate General of Trade Remedies (DGTR) initiates anti-dumping investigations on the basis of a duly substantiated application filed by the domestic producer with a primafacie evidence of dumping of goods into the country causing injury to the domestic industry. Such applications submitted by domestic industry are processed as per the procedure and within the time limits specified under the Customs Tariff Act, 1975 and the rules made there under. DGTR conducts investigations and recommends imposition of duty, wherever appropriate, to the Department of Revenue by issuing its preliminary/final findings. Acting upon such recommendations of the DGTR, the Department of Revenue may impose the provisional or definitive duties.
