India, China clinch deal to reduce tariffs on Indian medicines, anti-cancer drugs
Indian drugs, specially cancer curing medicines, are in big demand in China as they are far cheaper than their western counterparts
India has been demanding opening of China's IT and pharmaceutical sectors as part of measures to reduce over $51 billion trade deficit
BEIJING: India and China have reached an agreement on reduction of tariffs on the import of Indian medicines, particularly cancer drugs, to China, the Foreign Ministry said here on Monday, days after a Chinese movie on a leukaemia patient highlighted the need for paving the way for import of cheap Indian medicines.
However, it is not yet clear whether China has agreed to grant licences to Indian companies to sell cancer drug in the huge market here, which could be a major step.
About 4.3 million people are diagnosed with cancer annually in China, according to a report of the state-run China Central Television. Indian drugs, specially cancer curing medicines, are in big demand in China as they are far cheaper than their western counterparts.
"We have seen China and India have reached agreement on the reduction of tariffs on medicines. For specifics, I will refer you to relevant competent authorities," Chinese Foreign Ministry spokesperson Hua Chunying told a media briefing here today. "We believe expansion of imports and slashing of tariffs on anti-cancer medicines will also usher in great opportunities for India and other countries in the region," she added without providing any further detail.
Earlier in May, China had lifted tariffs on the import of cancer drugs. It was not clear whether Hua was referring to that announcement. The May announcement had, however, failed to enthuse Indian companies as they cannot legally market their drugs in China as it requires license from the country's food and drug administration.
India has been demanding opening of China's IT and pharmaceutical sectors as part of measures to reduce over $51 billion trade deficit in over $84 billion bilateral trade.
While announcing the agreement, Hua referred to a new Chinese film on the plight of a leukaemia patient, highlighting the pressing need for China to pave the way for import of cheap Indian cancer drugs.
"There is a popular movie now in China called 'Dying to Survive'. That movie is about zero tariffs imposition on anti-cancer medicines in China," she said.
About the general reduction of tariffs, Hua said, "We have decided to expand our imports as well as opening up. This is what China needs in order to uphold the free trade and against protectionism. This is also in keeping up with our own pace of development and opening up."
"On July 1, the outcome of the round of negotiations under the Asia Pacific Trade Agreement released a document and we have agreed to slash tariffs by 33 per cent. So according to my understanding the slashing of tariffs by the Indian side is also part of this negotiation...We will also impose a negotiated agreed tariff rate on relevant items in accordance with our regulations," she said.
Both the sides have stepped up negotiation to import Indian rice, sugar and pharmaceuticals after a meeting between Prime Minister Narendra Modi and Chinese President during the April 28 Wuhan informal summit.
原创翻译：三泰虎 http://www.santaihu.com/45530.html 译者：Jessica.Wu
OMG....really....tight slap on the faces of those asking proofs of Modiji''s policies....shame on them....Dear ALL...still there is time....switch quickly to Modiji and BJP....support and Vote only Modiji and BJP.....Vande Matram
Dinesh Kumar Gupta14645 Dinesh Kumar Gupta-Goa-20 hours ago-Follow
This is very good news, in fact the only good news that the Indian Pharma companies have received in all of 2018. The Chinese market is vast and Indian medicines enjoy a very good reputation for reasonable cost and excellent quality all over China and Hong Kong.
Siv Sarkar18741 Siv Sarkar-19 hours ago-Follow
A big thanks to Modiji is for his Chanakya style diplomacy ! In one hand he is teaching a lesson at Doklam; in another hand he is bringing the Chinks closer by trade and commerce; thus maintaining a balance and at the same time reducing our huge trade deficit ! Modiji knows very well that India still needs some more time to match and exceed the military strength of the Chinks as almost nothing has been done by past Scamgress governments in last 70 years; so he is buying more time by diplomacy ! But of course at the end of the day we have to reduce the dependence on Cheap Chinese Junk Products, so that we can significantly reduce our trade deficit. Thank you Modiji ! Jay Ho Modiji !
Tukaram Pujari19775 Tukaram-20 hours ago-Follow
China may need sugar also from India. It will be a win win position to two Asian giants after America's hostile trade stance towards China. The two countries must build trust and confidence of very high order. China must not be swayed by Pakistsn.
Sornam Alagarsamy Alagarsamy461 Sornam Alagarsamy Alagarsamy-Chennai-19 hours ago-Follow
we are so glad to see such tariff cuts from China. In fact Prime Ministers two time trip has gota first good sign. we can not neglect China since it isa biggest trader of the world. certainly iam for good relations with China. The Chinese are like honey bees.look at Shanghai city. how wonderfully they have transformed. we need a good friendship with China.