China has announced that it is ready to import a large amount of Indian goods to deal with the US trade war. With this, India is entering China’s largest consumer market. Let’s see the new chapter that has begun in India-China relations in this news package.
China and the US have always been at odds. The US ranks first in the world economy and China ranks second. There has always been economic competition between the two countries.
However, the US imports the most from China. Trump, who took office as US President last January, imposed reciprocal tariffs. China also imposed tariffs on the US in retaliation.
Trump, who has suspended tariffs on all countries except China for 90 days, announced a tariff of 245 percent for China. No matter how much tariff is imposed, China is preparing to retaliate. China has accused the US of unilateralism and is designed to protect US interests instead of fostering a fair trade environment.
China has also said that Trump’s trade war has posed a serious threat to global stability, while blatantly violating the legitimate rights of other countries.
In this context, China has called on India to jointly deal with the US’s tariffs on developing countries. Chinese President Xi Jinping has said that the relationship between the two countries should be closer as the 75th anniversary of the establishment of diplomatic relations has come.
Central Minister of External Affairs Dr. S. Jaishankar had recently said that apart from the border issue, almost 75 percent of the issues between the two countries have been resolved.
Adding to this, Chinese Ambassador to India Xu Feihong had stressed that the two countries should not be seen as competitors but should develop together.
Despite a significant trade deficit, China expects greater economic cooperation from India. That is why, for the first time, it has allowed Indian goods to enter its trade market.
Xu Feihong said that China’s huge market will provide huge business opportunities for Indian exporters, while at the same time, Indian companies will create an equal and healthy competition for Chinese companies.
For this, China has also invited Indian companies to use Chinese trade events such as the China International Import Expo and the China-South Asia Expo.
In the last fiscal year, India’s exports of chilli, cotton yarn and iron ore to China increased by 17 percent, 240 percent and 160 percent respectively. He said that China’s move is beneficial for India, as India’s trade deficit with China has reached US$99.2 billion.
Xu Feihong also expressed confidence that India will ensure a favorable business environment for Chinese companies in India. Xu Feihong clarified that China has not imposed any restrictions on the export of technology or human resources to India, and pointed out that about 85,000 Indians were granted visas from January to April.
The Chinese ambassador to India, who also commented on the border issue, river water sharing and media exchanges, has assured that China will provide all possible cooperation for improved relations. This is said to be a positive change in India-China relations.
Earlier, Prime Minister Modi, who had said that India and China once contributed more than 50 percent to the world’s GDP, had also stressed that mutually beneficial cooperation between the two countries is essential for world peace and prosperity. International political experts have said that in the future, the dragon and the elephant will start dancing.
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