Chinese buyers have signed MoUs with Indian companies for procurement of cotton and cotton yarn, among other products, at an India-China Business Matchmaking Symposium for promoting exports from India to China held in New Delhi.
Department of Commerce of India, in co-ordination with the Chinese Ministry of Commerce, is currently facilitating visit of a Chinese business delegation to India to explore procurement opportunities with their Indian counterparts and companies.
The Chinese delegation comprising of representatives from 27 national level Chinese companies, including textile firms, is being led by Mr. Jia Guoyong, Vice Director General of Trade Development Bureau, Ministry of Commerce.
A total of 15 MoUs between Indian and Chinese companies, worth US$ 338 million, were signed at the symposium, in a structured process of procurement of Indian products.
From the Indian side, nearly 60 companies from varied sectors attended the Symposium, which was followed by around 150 B2B meetings interactions between Indian and Chinese enterprises during the day-long event.
The visit of 50 member buyers’ delegation from China is a step taken subsequent to the understanding reached between the leadership of India and China during the visit of Chinese Premier Li Keqiang to India in May 2013 to reduce India’s deficit in trade with China which surpassed US$ 40 billion in 2012-13.
India’s trade deficit with China is a matter of concern and should be addressed appropriately to sustain the growth of bilateral trade on a long-term basis, Mr. Asit Tripathy, Joint Secretary, Ministry of Commerce, said in his address to the Inaugural session of the Symposium.
Mr. Jia Guoyong said the initiative to encourage imports from India is going to be a long-term policy and this would be backed by measures like reduction in tariff, etc., according to a press release from the Confederation of Indian Industry (CII), the local co-organizer of the event.
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