India asks China to cut its cotton import tax

India asks China to cut its cotton import tax Recently, India has demanded that China cut its import tax on cotton cloth and accelerate the implementation of the export agreements between the two sides on water buffalo and seafood products. This is to bridge the growing trade deficit between the two countries.

At a meeting of senior officials of the Ministry of Foreign Affairs held on Tuesday, the two sides discussed ways to increase India’s exports to China and limit the growth of trade deficits. In 2012-13, the trade deficit between China and India was from 394 in fiscal year 2011-12. The billion U.S. dollars increased to 40.8 billion U.S. dollars, although the total trade between the two countries increased by 10%.

Officials of both sides also discussed the need to establish a clothing center in India to provide services for China's exports of large quantities of electrical equipment to India.

An official from the Ministry of Foreign Affairs of China stated: "India proposes to cut the import tax on cotton imported from India from the current 10% to 5%. India has the potential to increase the export of cotton to China from the current $700 million, Increased to 6 billion U.S. dollars in 3-5 years."

In May this year, when Prime Minister Li Keqiang visited India, India also hoped to export buffalo beef and seafood, medicine and oil powder to China as soon as possible.

According to estimates of APEDA, an agricultural export organization, in the first two years, India’s export of water beef to China could reach US$1 billion.

In addition, Indian Minister of Industry and Commerce Anand. Sharma also mentioned with the Chinese Minister of Commerce Cao Hucheng in Brunei Tuesday that the trade deficit between the two countries has grown.

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