Published: Mon, April 16, 2018
People | By Leon Thompson

India offers to supply soybean to China at high-level economic dialogue

India offers to supply soybean to China at high-level economic dialogue

Earlier this month, Beijing had imposed tariffs on 128 American products worth around $3 billion in response to the U.S. imposing duties on steel and aluminium imports from China as part of President Donald Trump's "America First" policy.

He highlighted that "the emerging economies of Asia seem to have ignored the protectionist noises and we have continued to grow at very high rates of speed with China growing at 6.8% and India growing at 7-7.2%".

Spokesperson Hua Chunying made the remarks at a routine news briefing when asked for comment on official interaction between China and India recently.

"The Indian side took this opportunity to express concerns regarding growing trade imbalance with China andhuge untapped potential of India's exports to China by addressing market access issues", an Indian embassy statement said.

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In the first week of April, the U.S. announced tariffs worth $50 billion on Chinese products which, it said, was the result of Beijing forcing the American companies to transfer their technology to China's firms.

"You import a lot of agricultural products, up to Dollars 20 billion or more", NITI Aayog vice chairman Rajiv Kumar said in his address to the fifth India-China Strategic Economic Dialogue (SED). "This will imply that India will join China, and work with China as an important anchor and driver of the global growth in the future", he said. The two countries also held the fifth meeting of China-India Strategic Economic Dialogue in Beijing last Saturday.

The tariff war between China and the United States may affect India negatively, NITI Aayog Vice Chairman Rajiv Kumar said in Beijing on Sunday, but refused to take sides. We will do whatever to get the investment done. "We don't want that". So if there can be liberalization of entertainment and if you can expand working groups from current five to two more: "one on culture which includes entertainment; the other one could be one on pharmaceuticals because we import a lot of your pharmaceuticals APIs". Now under the SED, India and China have five working groups which include infrastructure, high-tech, energy, resource conservation and policy coordination.

Earlier this month, China had announced fresh tariffs on soya bean imports from the U.S, as part of an unresolved trade spat between Beijing and Washington, on items worth over $100 billion. "This is a honest request for reciprocity which is that we have liberalised all the business regimes for Chinese businessmen".

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