New Delhi: China on Thursday assured India that it would act on the concerns expressed by country on easy market access to Indian goods in the Chinese markets to bridge the gap on widening trade deficit. Commerce and industries minister Nirmala Sitharaman and Wang Shouwen, Vice minister for ministry of finance and commerce, China exchanged notes on trade and commerce and agreed that the mounting bilateral trade deficit has been a cause for concern for India which seeks greater market access for its goods for a long term sustainable trade relationship. Ms Sitharaman asked for expeditious clearances for import of Indian rice and a ‘Green Channel’ for import of Indian Pharmaceutical products to China - especially those which already have USFDA and EUFDA accreditation.
She also asked the Chinese vice-minister to consider demonstration IT/ITeS projects for Indian companies —which have acquired global acclaim. The minister expressed concerns at the long drawn procedures for clearances which tend to frustrate the Indian companies seeking business opportunities in China. Ms Sitharaman requested for ‘buying missions’ to India to source amongst other things, Indian Tobacco and oil meals.
Exim Bank Calls for credit ratings agency:
Pointing to conflict of interest in the current framework of getting rated, the Exim Bank on Thursday favoured a new credit rating agency by the BRICS group as an alternative, saying it will make cost of borrowing much cheaper. “We are very happy the Finance ministry is looking at these issues. The BRICS leadership, which meets here over the next two days, will take a firm view and provide guidance on the next steps,” Exim Bank chairman Yaduvendra Mathur said.
“I am AAA-rated domestically, but that doesn’t survive overseas. We want more granularity,” he said. Expressing strong concerns on the way existing agencies go about rating in the current context, he said: “We look at with dismay that the strong economic growth of India is still not captured in the ratings that we get while we raise the money through overseas bonds.”
