India on Sunday secured an assurance from China that it will “seriously” address the unviable trade imbalance that gives it a $6 billion surplus, even as it opened for the first time its market for Indian agricultural produce by allowing the maiden commercial consignment of mangoes.
The assurance has been conveyed to President Pratibha Patil by Chinese Premier Wen Jiabao and was reiterated in this commercial capital of China by the Shanghai Municipal Communist Party secretary Yu Zhengsheng, foreign secretary Nirupama Rao told reporters at the conclusion of the Indian leader’s discussions with the Chinese leadership. Ms Rao said Wen had told he would “seriously” look into the trade imbalance issue and Yu on Sunday said addressing trade balance was part of their long-term strategy.
During her talks with her Chinese counterpart Mr Hu Jintao and Wen, Ms Patil, the first Indian head of state to visit China in a decade, had sought access to Indian pharmaceutical industry, IT and engineering companies.
In 2009, the trade imbalance tilted heavily against India. China enjoyed trade surplus of $16 billion out of the total $44 billion bilateral trade and its exports to India nearly touched $30 billion last year. “...They have assured us that it is something they take very seriously and they understand that it unviable to sustain such trade imbalance in medium-term and long-term,” Ms Rao said.
On the penultimate day of the 6-day visit, Ms Patil visited the India pavilion at the Shanghai Expo 2010, which has the world’s biggest bamboo dome, as a “unique example” of Sino-India harmony. She also unveiled a statue of Nobel Laureate Rabindranath Tagore in honour of his visit to this eastern Chinese city. —PTI