In what may come as a big boost to the Indian pharmaceuticals industry, it has removed the import duties on as well as around 28 medicines, which will give a new momentum to the industry.
It includes all the cancerous drugs and other kinds of medicines.
The move will be effective from May 1 and it will help India export the medicines. It will also be possible to export these to the neighboring country.
How can it help (import duties) further the trade relations between China and India?
It will further help balance out the trade imbalance between China and INDIA.
India will also have a greater market access to the various goods and services which includes IT, pharma, agriculture, in the wider Chinese market to reduce the trade deficit.
At the economic summit of the India-China joint economic summit on trade relations the issue of the trade was discussed in detail where China showed a renewed interest in promising to address the issue of the trade gap and the wide trade deficit.
China would also improve the business environment and consider the various avenues which would open the door outside of the world and open the different avenues for world trade.
India has also sought various businesses from China and are also willing to agree to setup the industry park, which will increase the various trade investment with China and open new avenues.
What are the other highlights of the trade issue?
It marks as a significant moment for India as it will develop greater access for the goods and services and make the way for sufficient market access for the goods and services.
There are plans to set up industry parks in India for the facilitation of the various goods and services.
It will at the same time increase the investments and bridge the gap between the trade back log.