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The deal, if done, would benefit local companies as they seek expedited essential input imports from China.
The national flags of India and China. (Representative Image)
India and China are discussing resuming border trade of domestic goods after more than five years, said Bloomberg in a report on Thursday, citing officials in New Delhi familiar with the matter.
It has been learnt that the trade talks between India and China may soon start for a deal that could cover supply of critical rare earth magnets, pharmaceuticals and fertilisers. Pharma, fertilizers and critical rare earth magnets are the top three items on the agenda for talks, a report by The Economic Times said on August 14.
The trade talks are a signal of easing tensions between the two Asian rivals. Notably, India’s ties with China are improving at a time when New Delhi’s ties with Washington are becoming strained over trade tariffs.
The deal, if done, would benefit local companies as they seek expedited essential input imports from China.
The officials of the two countries are speculated to meet this month. The timing of the deal could be closer to Prime Minister Narendra Modi’s China visit for the Shanghai Cooperation Organization (SCO) Summit, ET said.
Earlier, China’s Foreign Ministry said Beijing is “willing to step up communication and coordination with India” on resuming border trade after a gap of five years.
“Border trade between China and India has long played an important role in improving lives of the two countries’ border residents,” it said.
Both sides have proposed restarting trade through designated points on the shared border, and the matter is currently under bilateral discussion, reports have suggested.
The planned resumption marks another sign that relations between the two neighbors are gradually improving after both sides took steps last year to end border tensions. China and India are set to resume direct flight connections as soon as next month, Bloomberg News reported Tuesday, while Beijing has eased curbs on some fertilizer shipments to India.
The News Desk is a team of passionate editors and writers who break and analyse the most important events unfolding in India and abroad. From live updates to exclusive reports to in-depth explainers, the Desk d…Read More
The News Desk is a team of passionate editors and writers who break and analyse the most important events unfolding in India and abroad. From live updates to exclusive reports to in-depth explainers, the Desk d… Read More
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