India, China hold first strategic economic dialogue post-Doklam

India, China hold first strategic economic dialogue post-Doklam

India offered to help China with its demand for soyabean, and said it could step in for soyabean and sugar imports that China is seeking after Beijing imposed tariffs on American exports amid the on-going trade spat with the US.

India also slammed the United States for its "protectionist" trade policies, saying the "unseemly" practice has hurt the world's economic recovery.

Beijing: on Monday said its ties with India hold "great potential" and have witnessed new progress after a flurry of high-level exchanges.

Pitching these items to China, Niti Aayog vice-chairperson Rajiv Kumar said Beijing annually imports agricultural products worth billions of dollars but it had recently proposed duties on the two commodities usually imported from U.S. states such as Iowa.

"And I was noticing that there were some tariffs that were issued on farmers from Iowa and OH etc".

That is where India could come in by exporting the items to China. "That might be very useful", Kumar said referring to the US-China trade war.

China had hit back with tariffs on a wide variety of agricultural products such as soybean, corn, beef, orange juice and tobacco which are expected to hit American farmers.

China recently proposed a 25 percent tariff on American soybeans as part of a trade dispute that escalated when the USA administration unveiled plans to impose tariffs on $50 billion in Chinese imports.

The wrangling has anxious the world, which is witnessing a sluggish economic growth.

He said the global economic recovery was "marred and disrupted by unseemly protectionist noises from the Atlantic basin".

"This year, under the guidance of the two leaders, China-India relations have been developing with a sound momentum".

"We both have to do ease of doing business so that our procedures, red tape, and non-tariff barriers get sorted out so that investors from both the countries in their respective fields get the investment opportunities".

He also asked China to liberalise the visa regime for Indian businessmen following the pattern of India which is providing three months' multiple visas for Chinese traders.

"We could take the lead in identifying the clusters and make them a reality", he said.

Indian movies have done very well at the Chinese box office since a year ago, raking in millions of dollars.

Kumar called for adding working groups on culture, underlining the increasing success of Indian films in China, and on pharmaceuticals.

"The time has come for those APIs to be used in some formulation that could be re-exported to China with all the FDA regulations of China and our highest quality". The SED provides an important platform for both sides to discuss key economic issues impacting both countries and areas of mutual interest, an Indian Embassy press release said.

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