India is all set to take part in the first-ever international import expo being organised by China, as reported by Business Standard. The six-day China International Import Expo (CIIE), which is being held in Shanghai, was thrown open to the public on Monday (5 November).
Representing a change in the economic policies pursued by China, the import expo will be inaugurated by Chinese President-for-life, Xi Jinping. Commerce Secretary under the Union government, Anup Wadhawan, will lead India’s delegation to the expo. “India has built a pavilion at the expo highlighting its focus areas of agricultural products, pharmaceuticals, information technology and tourism,” Prashant Lokhande, Counsellor Economic and Commerce of the Indian Embassy told PTI.
12 countries, most of which are developing like Pakistan, Brazil and Indonesia will be ‘Guests of Honour' at the event. India did not make it to the list. More details on the expo can be found here.
China is India’s largest trading partner, and it is also the country with which India runs the most massive trade deficit, to the tune of $63 billion. India imports telecom equipment, electronic components, solar cells etc., from China. However, goods in which India has a comparative advantage like rice, meat, pharmaceuticals and IT products face stringent and opaque regulations that restrict India’s exports to China.
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