Welcoming the declaration made at the conclusion of Chennai summit, Sharad Kumar Saraf, President, FIEO said that the close interaction between the countries at the highest level augurs very well for cementing the strategic ties between the Asiatic giants besides resolving trade issues. He, however, maintained that Indian exporters are looking forward to better access to China for their diverse product lines.
“High trade deficit with China is a cause of concern. However, the deficit narrowed down to US$ 53 bn in last fiscal. A bigger worry is the market access which is restricting Indian exports to realize its true potential. India’s untapped exports potential to China, as per ITC, is US$ 18 Bn, which is much more than our current exports of US$ 16.8Bn. Dairy products, bovine meat, soyabean meal and many fruits are not given market access which is equally a problem for Indian pharma industry as registration takes enormous time and often delayed for no obvious reasons,” he said in a press statement.