- Comparing this to the USD 125 billion reported in 2021, there has been a huge increase. The military stalemate in eastern Ladakh in May 2020 raised border tensions, but trade between the two nations is still booming.
- Economic Deficit
- India's trade deficit increased from USD 69.38 billion in 2021 to USD 101.02 billion in 2018. India has consistently expressed considerable worry about the trade deficit, which has now surpassed the $100 billion threshold for the first time. The total trade value with China reached USD 125.62 billion in 2021, up 43.32 percent from the previous year and surpassing the milestone of USD 100 billion for the first time. India's imports from China increased by 46.14 percent to reach USD 97.59 billion in 2021, resulting in a trade deficit of USD 69.56 billion. India's exports to China rose by 34.28% annually in 2021, reaching USD 28.03 billion.
- Two committees will be established in accordance with the rules: a screening committee for a cursory review of "identified items" and an evaluation committee for a thorough examination. Importers of the specified items must use the Unique Quantity Code to declare the items' value.
- Importers will also have to meet more requirements under the Customs Automated System, and assessments of commodities will be subject to further scrutiny.
- Trade Expansion
- The tremendous growth of India-China commerce since the turn of the century has led China to become India's top partner for goods trade by 2008, according to an official brief on trade provided on the Indian Embassy website in Beijing. Bilateral commerce between China and India increased by 75.30% between 2015 and 2021, growing by an average of 12.55% per year.
- Problem in trading
- The expansion of our trade deficit with China can be linked to two things: first, a limited range of primary commodities that we sell to China, and second, barriers to market access for the majority of our agricultural products and industries where we compete, such pharmaceuticals, IT/ITES.
- Finally, the CBIC's execution of more stringent inspection of imported goods through the creation of committees and increased requirements for importers is intended to address undervaluation and safeguard the interests of the exchequer. In the upcoming months, both the release of these regulations and the list of identified commodities will be widely watched.
Question:
Q.1 What was the value of commerce between China and India which reached an all-time high in 2022?
a. USD 135.98 billion
b. USD 135.78 billion
c. USD 135.38 billion
d. USD 135.58 billion
a. USD 135.98 billion
b. USD 135.78 billion
c. USD 135.38 billion
d. USD 135.58 billion
