Advertisement
Tuesday, Oct 19, 2021
Outlook.com
Outlook.com

China Removes Import Duties On 28 Medicines, India To Benefit

The development assumes significance as India has time and again asked for greater market access for its goods and services, including IT, pharmaceuticals and agriculture, in the Chinese market to reduce the widening trade deficit.

China Removes Import Duties On 28 Medicines, India To Benefit
| Representative Image- File
China Removes Import Duties On 28 Medicines, India To Benefit
outlookindia.com
2018-05-04T09:53:56+05:30

China said it has removed import duties on as many as 28 medicines, including all cancer drugs, from May 1, a move which would help India to export these pharmaceuticals to the neighbouring country.

"China has exempted import tariffs (duties) for 28 drugs, including all cancer drugs, from May 1st. Good news for India's pharmaceutical industry and medicine export to China. I believe this will help reduce trade imbalance between China and India in the future," Chinese Ambassador to India Luo Zhaohui said in a tweet.

The development assumes significance as India has time and again asked for greater market access for its goods and services, including IT, pharmaceuticals and agriculture, in the Chinese market to reduce the widening trade deficit.

In the meeting of India China Joint Group on Economic Relations, Trade, Science and Technology here, the issue of trade imbalance was discussed in detail. China on its part promised to address the trade gap issue.

Trade deficit with China stood at USD 36.73 billion during April-October 2017-18. It was USD 51 billion in 2016-17.

He also said that China would further improve business environment by halving time required to open a business.

"China's door to the outside world will open wider. Indian businesses are welcome," he added.

India too has sought investments from China. The neighbouring country has agreed to set up industry park in India to increase investments and bridge trade deficit.

(PTI)

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

Uttarakhand Rains Claim 22 Lives, Nainital Cut Off From Rest Of State

Uttarakhand Rains Claim 22 Lives, Nainital Cut Off From Rest Of State

Incessant rains continued to lash various parts of the state, razing houses to the ground and leaving many trapped in the debris.

Imran Khan At Loggerheads With Army Over New Spy Chief, Opposition Comes Together To Oust Pak PM

Imran Khan At Loggerheads With Army Over New Spy Chief, Opposition Comes Together To Oust Pak PM

The opposition stands convinced as it plans to come together to oust Khan. There is much churning going on in political circles in Pakistan as the opposition scents a possible victory.

Live, BAN vs OMN, T20 World Cup: Bangladesh Opt To Bat

Live, BAN vs OMN, T20 World Cup: Bangladesh Opt To Bat

Follow live cricket scores of Oman vs Bangladesh here. BAN lost their T20 World Cup 2021 opener vs Scotland while Oman beat Papua New Guinea.

Lakhimpur Kheri: A Springboard For Priyanka Gandhi In UP?

Lakhimpur Kheri: A Springboard For Priyanka Gandhi In UP?

Priyanka Gandhi has emerged more visible in the wake of Lakhimpur Kheri than any other opposition politician in Uttar Pradesh.

Advertisement