Diplomacy: Chinese ambassador said- agreed to help Indian companies in meeting market demand

China’s new envoy Xu Feihong said that the Chinese market is open to all countries. Indian companies have been given the facility to enter the Chinese market due to the trade deficit.

India-China trade remains high despite bilateral tensions over the East Ladakh military standoff. As the total trade reached a record US$136.2 billion last year, India’s trade deficit increased to US$99.2 billion. However, this deficit is slightly less than last year. The Chinese envoy said that at present the Chinese market is open to all countries including India. Due to the growing trade deficit in Beijing, it has facilitated entry to companies from all countries for investment. He said that the trade deficit has been a major concern for India. In the overall bilateral trade of US$136.2 billion in 2023, there was US$99.2 billion. At the same time, in the year 2022, the trade deficit reached US$101 billion for the first time.

Let us tell you that apart from grains, India has been pressuring China to open up IT and pharma sectors, which are major export potential sectors. Xu told Beijing that it is not China’s intention to seek a trade surplus. He said, “There are many factors behind India’s trade deficit. China understands India’s concern, it is never our intention to seek a trade surplus.

The Chinese market is open to all countries including India. We have sent many trade promotion delegations to India to buy Indian products. He also said that we would like to see more marketable Indian products entering the Chinese market. He said that we are ready to provide more convenience for India’s participation in China International Import Expo, China-South Asia Expo, Canton Fair and other platforms. Not only this, China is also ready to help Indian companies meet Chinese market demands as well as tap the possibilities of commercial and trade cooperation.

The Chinese envoy said that “Last year, Chinese diplomatic missions in India issued nearly 190,000 visas. More than 80 percent of these were business visas. Both types of business trips are good for bilateral trade.”