New Delhi (Sputnik) — As part of a crucial move to broaden its trade ties amid strained relations with the US, China will now import more medicines from India. According to an agreement reached between India and China, New Delhi will reduce tariffs on 8,549 products, while Beijing reduces tariffs on 3142 products.
"China and India are witnessing a growth in pharmaceutical trade and the two sides are in sound communication on opening the Chinese market to drugs from India and conducting dialogue and cooperation between the two side's pharmaceutical industries. The relevant departments have formulated specific measures on promoting China-India pharmaceutical trade cooperation and granting greater access to drugs from India. We believe that stronger pharmaceutical trade cooperation will contribute to the well-being of the people in our two countries," Chinese Foreign Ministry Spokesperson Hua Chunying said.
China and India are discussing specific measures to allow more India-made medicines on the Chinese market and expand bilateral trade in medicine, Foreign Ministry spokeswoman Hua Chunying said Monday when asked whether China will reduce tariffs on Indian medicines. pic.twitter.com/P9KWiCNMEd
— Global Times (@globaltimesnews) July 9, 2018
Since an informal summit meeting between Prime Minister Modi and President Xi Jinping in Wuhan earlier this year, China has been negotiating with India over the import of pharmaceutical products, rice and sugar. India has been trying to access China's IT and pharmaceutical sectors to reduce its trade deficit.