India taking all necessary steps for diversifying trade basket

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New Delhi, Oct 11 (UNI) China is India's biggest trading partner and it is 10th biggest trade partner for its neighbour announced, Minister of State for Commerce, Jairam Ramesh here today.

''The country is taking all necessary steps for diversifying its trade basket,''he said during an interaction with the Chinese business delegation being led by the Chinese Vice Minister, Gao Hucheng.

China should look ahead to explore the possibility of commencing discussions on a mutually beneficial RTA that meets the common aspirations of both countries, he said.

As regards market access for Indian agricultural products into China, especially fruits and vegetables, Mr Ramesh noted that the Chinese side has allowed entry for only three items ' mangoes, grapes and bitter-gourd ' out of 17 and hoped that the rest of the pending fruits and vegetables would be grouped into two groups for a simultaneous finalisation of SPS protocols.

Both sides noted that there is a need to increase bilateral investments between the two countries, particularly in sectors like petrochemicals, steel, healthcare, IT automobiles, biotechnology, advanced materials, renewable energy and low carbon technologies.

During the year 2007-08, India's major exports to China include-- iron ore, raw cotton, ores and minerals, plastic and linoleum and machinery and instruments.

India's major imports from China are-- electronic goods, machinery, iron and steel, organic chemicals and other commodities.

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