At a time when it is facing intense trade tensions with the US, China intends to reduce importexport gaps through the first of its kind import-only fair. “China wants to import more and has called all countries to export to it to show that it is using imported items for domestic consumption,” said an official, speaking on condition of anonymity. India’s exports to China in the April-February period of 2017-18 amounted to $11.5 billion while imports added to $69.4 billion. China has on multiple occasions promised India to address the high trade imbalance between the two countries. “China wants to show it, too, is an open country. India will participate in the fair,” the official said and added that there’s pressure on China from many countries to give market access.  India is keen to make use of these openings as China tries to address its imbalanced trade with the rest of the world.  Mostly manufacturers from India are expected to be part of the fair, which is to be held in Shanghai. “Our focus is on sectors where we need market access, both traditional and new,” said an industry expert. Exporters of processed foods, marine products, value-added organic chemicals and textiles will also be encouraged to participate in the expo, officials said.  In the next five years, China expects to import products and services worth more than $10 trillion. This provides enterprises across the world an opportunity to enter the huge Chinese market. Enterprises from more than 100 countries and regions are expected to participate in the expo, which is likely to feature supplydemand matchmaking meetings, seminars and product releases. China will facilitate participation in the expo in terms of customs clearance, inspection and quarantine, provide long-term one-stop transaction services online and offline, and strengthen protection of intellectual property rights to safeguard the rights and interests of merchants. “.”
Date:5/22/2018
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