The growing trade disputes between the U.S. and China has led to one positive outcome for India: improved commercial ties with China.
Indian and Chinese companies on Saturday signed 101 commercial deals worth nearly $2.37 billion.
The trade boost comes ahead of a proposed meeting between Commerce Minister Suresh Prabhu and his Chinese counterpart Zhong Shan in New Delhi this week.
Here are some of the key highlights of the deals:
- The commercial deals aim to provide stimulus to trade in black tea, castor oil, peppermint oil, coco fiber, green coffee bean and other products.
- U.S. exports billions in corn, soybeans, pork and other agri-commodities to China. U.S. agricultural exports to China stood at $19.6 billion last year, with soybean shipments accounting for $12.4 billion.
- Prabhu and Zhong are also likely to discuss the recent U.S. trade moves, which have targeted both India and China, the Economic Times says.
- They are meeting at a time when the American president imposed tariffs on up to $60 billion of imports from China to the U.S. Beijing announced plans for reciprocal tariffs on $3 billion of imports from the U.S. to China.
- Representatives of 30 Chinese companies are currently on a visit to India.
- While India-China trade grew to $84.44 billion last year, trade deficit rose to $51.75 billion, a rise of 8.5 percent on an yearly basis.
