India’s Economic Relationship with China “Unfair”, Lacking Balance: Jaishankar – Equitypandit
India’s External Affairs Minister S Jaishankar expressed concerns about the imbalance in economic relations with China, with Indian goods facing limited market access compared to Chinese products in India.
S Jaishankar was speaking at the Global Centre for Security Policy in Geneva on Thursday.
India’s trade deficit with China has been growing. Indian goods do not have the same access to the Chinese market as Chinese products have to the Indian market. According to the Economic Advisory Council to the Prime Minister (EAC-PM), Indian exporters face barriers in China, limiting their access to the market, especially for agricultural and pharmaceutical products.
Indian exports to China face challenges such as annual listing requirements for approved facilities, high translation costs, and issues with product categorisation in Chinese regulations.
The EAC-PM also pointed out that exports of mangoes and grapes to China are subject to the annual listing of approved facilities by the General Administration of Customs of the People’s Republic of China (GACC).
The paper noted – Indian authorities have submitted a dynamic list, through the Agricultural and Processed Food Products Export Development Authority (APEDA), that can be verified online, showing products registered after a stringent recognition process by APEDA and the National Plant Protection Organization (NPPO).
However, the list must be resubmitted every year, followed by additional requirements for video inspections. These barriers include administrative restrictions, product testing processes, and translation costs, making it challenging for Indian products to enter the Chinese market.
External Affairs Minister S Jaishankar highlighted this information during his Global Centre for Security Policy speech. He emphasised the imbalance in the economic relationship, expressing that Indian products face more barriers in China than in India.
Chinese imports into India have surpassed USD 60 billion in a financial year, while India’s exports to China remain relatively low at around USD 16 billion.
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