Ambassador Sun Weidong meets with The Secretary General of FICCI

On 22nd November, Ambassador Sun Weidong met with Dilip Chenoy, the Secretary General of the Federation of Indian Chambers of Commerce and Industry (FICCI). Mr. Li Baijun, the Economic & Commercial Minister of the Embassy, and Mr. Gajendra, the Head of East Asian of FICCI, were present.

Ambassador Sun said that President Xi Jinping held a bilateral meeting with Prime Minister Modi during the BRICS summit in Brasilia last week. The two leaders had in-depth communication on the international and regional situation and bilateral relations, extending and expanding the positive effects of the second informal summit in Chennai. China and India should follow the consensus reached by President Xi Jinping and Prime Minister Modi to strengthen economic and trade exchanges, and enlarge the cake of cooperation.

Ambassador Sun congratulated India on its successful participation in the 2nd China International Import Expo. This year, the number of Indian exhibitors and the turnover of the exhibitors have made breakthrough progress. In terms of the number of exhibitors, the number increased from 4 in 2018 to 87 in 2019, involving IT, software, pharmaceutical, agricultural products and other fields. The number ranked third in Asia. In terms of turnover, according to preliminary statistics, India gained the largest increase in the turnover of 2nd CIIE. The 3rd CIIE will be held in Shanghai, China in November 2020. We welcome the Indian side to continue to send delegations to participate.

Ambassador Sun emphasized that China has never deliberately pursued trade surplus. A balanced trade is sustainable and beneficial to both sides. In recent years, China has taken a series of measures to ease the trade imbalance in goods between China and India, and made progress in promoting the import of agricultural products from India to China and accelerating the registration and approval of Indian pharmaceuticals. According to Chinese statistics, in the first nine months of 2019, China's trade surplus in goods with India was $42.96 billion, down 2.5% from the same period in 2018.

Ambassador Sun pointed out that Indian agricultural products, pharmaceuticals, handicrafts and other products have advantages, but the exposure in the Chinese market needs to be raised, to help the Chinese consumers to fully recognize and adopt the Indian products. It is suggested that the Indian side could do more in "3C": First is Compatibility. China and India are the only two major countries in the world with a population of more than one billion, sharing similar cultures and complementary industries. On this basis, the Indian side may deepen its understanding of the Chinese market, increase its promotion efforts, and enhance the compatibility between Indian products and the needs of Chinese consumers, to promote Indian products in Chinese market. Second is Creativity. The consumer market of China is a highly open and competitive market. The Chinese side has always adhered to the market principle and let consumers to vote with their feet. At present, Chinese consumers could buy products from all over the world and are in the general trend of consumption upgrading. Indian companies could make good use of its advantages in the service industry to create "manufacturing + service" innovative products, so as to strengthen the competitiveness of Indian products in the market. Third is Cooperation. China and India should fully implement the consensus of the two leaders on establishing a high-level economic and trade dialogue mechanism and exploring the establishment of the manufacturing partnership, to deepen pragmatic cooperation, expand bilateral trade, strengthen mutual investment and gradually ease the trade imbalance through common development.

Ambassador Sun said that although India did not reach an agreement with the other 15 members at the 3rd Leadership Meeting of the Regional Comprehensive Economic Partnership (RCEP), the RCEP welcomes India to participate in the future. RCEP is an open and inclusive regional free trade agreement led by ASEAN. It is a blueprint for the regional economic development based on equality, mutual benefit and win-win cooperation. It is conducive to strengthening and improving the regional supply chain and value chain, and is also of great significance to promoting regional economic development, supporting economic globalization and opposing trade protectionism.

Mr. Chenoy expressed his affirmation of the Ambassador Sun's views. FICCI will continue to maintain close ties with China, promote Indian enterprises in IT, pharmaceutical and other fields to invest in China, and also welcome Chinese enterprises to invest and start business in India, he stressed.

Suggest to a Friend