Avatar

Business Update Despite border tensions, Sino-Indian trade is at record highs TOU

Despite border tensions, Sino-Indian trade is at record highs

New Delhi, 15 January

The rise in Sino-Indian trade in 2021, which has reached a record high of over $ 125 billion amid bilateral tensions, is another piece of evidence that New Delhi is unable to reduce its dependence on the Chinese market, state media in Beijing have claimed.

According to the Global Times, citing figures released by the General Administration of Customs (GAC), total trade between China and India was 125 125.66 billion in 2021, an increase of 43.3 per cent over 2020.

Of this, China’s exports to India increased by 46.2 per cent to 97 97.52 billion, while China’s imports from India increased by 34.2 per cent to 28 28.14 billion.

Analysts attributed the rise in trade to complementary aspects of the two countries’ industrial chains.

For example, about 50-60% of the chemicals and other ingredients used by the Indian pharmaceutical industry are imported from China.

India was China’s 15th largest trading partner in 2021, the Global Times quoted GAC as saying.

Analysts said a boycott of made-in-China products would not be able to offset the trade deficit and increasing India’s exports to China was the right choice. India, meanwhile, should not exclude China when it seeks free trade agreements as China is already involved in international free trade mechanisms, ”the Global Times reported.

Total trade between China and the countries that have signed the Regional Comprehensive Economic Partnership (RCEP) – the 10 members of the Association of Southeast Asian Nations (ASEAN), Japan, South Korea, Australia and New Zealand – expanded significantly in 2021.

Avatar

IANS

if you want to read this article from the original credit source of the article then you can read from here

.

Avatar