India, China to hold strategic economic dialogue
- India & China to discuss a counter-plan for Trans-Pacific Partnership (TPP) and Transatlantic Trade and Investment Partnership (TTIP), being negotiated by USA, at Strategic Economic Dialogue (SED) between India &China at Beijing.
- Planning Commission Deputy Chairman Montek Singh Ahluwalia will represent India & from China National Development & Reform Commission chairman Xu Shaoshi.
- China and India will engage in SED to protect their regional & global interests & to protect the supremacy of development agenda at G20 & WTO.
- SED is an attempt to carve out China, Brazil, India and other developing economies from WTO.
- The 4th round of EU-US TTIP negotiations ended in Brussels recently. It seeks to harmonise standards and licensing procedures and waive tariffs across EU and US trade zones.
- TPP includes US, Australia, New Zealand, Japan, Singapore, Malaysia, Brunei, Vietnam, Chile, Canada, Mexico and Peru.
- The “unsustainability of the imbalance” in Indo-China trade also to figure in Beijing meet. Indo-China trade declined in 2013 to $65 billion from $74 billion in 2012. India’s trade deficit with China reached its nadir at $31 billion in 2013.
- India, China have set a target of $100 billion by 2015.
- Indian products face regulatory obstacles in China. China’s products (mainly IT services & Pharma) have to wait for 5-6 years for approval.
- India China Bilateral Relations
- Strategic Economic Dialogue
- Trans-Pacific Partnership (TPP)
- Transatlantic Trade and Investment Partnership (TTIP)