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Efforts on to diversify China trade basket

— PHOTO: RAJEEV BHATT

STRENGTHENING TIES: Union Minister of State for Commerce Jairam Ramesh and Chinese Vice-Minister Gao Hucheng during a meeting in New Delhi on Saturday.

NEW DELHI: Minister of State for Commerce Jairam Ramesh on Saturday said India was taking all necessary steps for diversifying its trade basket vis-a-vis China which is its biggest trading partner.

“India and China should look ahead to explore the possibility of commencing discussions on a mutually beneficial regional trade agreement (RTA) that meets the common aspirations of both countries,” Mr. Ramesh said during his interaction with the visiting Chinese business delegation led by Chinese Vice Minister Gao Hucheng.

Referring to the issue of market access for Indian agricultural products into China, especially fruits and vegetables, Mr. Ramesh noted that the Chinese side had allowed entry for only three items — mangoes, grapes and bitter-gourd — out of 17 and hoped that the rest of the pending fruits and vegetables would be cleared soon.

Ministers from India and China stressed the need for increasing bilateral investments, particularly in sectors like petrochemicals, steel, healthcare, information technology, automobiles, biotechnology, renewable energy and low carbon technologies.

India-China trade reached $37.8 billion in 2007-08, an increase of 47 per cent over 2006-07.

After the opening of the third border trade point between India and China, the Chinese side has been looking for expanding the scope of trade through Nathu La.

In July 2007, the India proposed an addition of 24 more commodities tradable through Nathu La, mainly food items.

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