On Monday China said that it has made an agreement with India regarding imports of Indian medicines. China further clarified that it has reached an agreement with India in order to reduce the tariffs on anti-cancer drugs which will not only increase the imports of Indian drugs in China but will also improve the trade relations between both the countries.

As per our sources, both the countries have agreed on cutting down tariffs on a range of products which would be applicable from  1st July.

Regarding this China said that it would cut down tariffs on around 8549 items which will include chemical and agricultural products as well, while India on another hand will move on cutting down the tariffs on 3142 products.

On this Chinese Foreign Ministry said on Monday that such an agreement between both the countries are beneficial as there is a lot of demand regarding Indian anticancer drugs as they are available at 1/10th of the cost coming from western countries.

“We have seen China and India have reached agreement on the reduction of tariffs on medicines We believe the 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”, Foreign Ministry spokesperson Hua Chunying said.

As per the APTA, from July 1 China will reduce tariffs on the chemicals, agricultural products including soybean, medical products, clothing, steel and aluminium products. Hua even said that as per the APTA China has reduced the tariffs on its products by 33 per cent.

“We will also impose a negotiated agreed tariff rate on relevant items in accordance with our regulations and 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.” Hua Chunying added to his statement.

Following are the points which briefly describes that the agreement between both the countries will come up as a fruitful one:-

  • Indian anti-cancer-curing medicines, are in big demand in China as they are almost 1/10TH of the prices coming from the western countries.
  • In China, About 4.3 million people are diagnosed with cancer every year.
  • Through the agreement both the countries after negotiations have agreed upon to import some of all the very useful products like Indian rice, sugar and pharmaceuticals.