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The EU also raised concerns over China’s distortive and opaque industrial policies and practices, import substitution, among others.
India has flagged its concerns over high trade deficit and non-transparent subsidies of China in a meeting at the World Trade Organisation (WTO), Geneva, stating those measures impact domestic industry, an official said.
Participating at the WTO’s trade policy review meeting of China this week, India hoped that China will support issues concerning the Global South.
The Geneva-based trade official said India noted that its bilateral trade with China records the biggest trade deficit.
New Delhi has expressed concerns over the size of this deficit, and the non-transparent subsidies and mechanisms of China that leads to low prices, hurting local industry, the official added.
India’s exports to China in 2023-24 stopped at USD 16.65 billion, while imports aggregated at USD 101.75 billion, leaving a trade deficit of over USD 85 billion.
China has emerged as the largest trading partner of India with USD 118.4 billion two-way commerce in 2023-24, slightly edging past the US.
In the meeting, which was held on July 17-19, the European Union asked China to renounce its claim to developing country status in the future.
The EU also raised concerns over China’s distortive and opaque industrial policies and practices, import substitution, among others.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Jul 19 2024 | 11:24 PM IS