Telegraph infographic

India’s trade deficit with China is its widest with any country at $63 billion in 2017-18.

Officials said steps were being taken to boost exports of sugar, rice and rapeseed to China. The commerce ministry is considering the feasibility of a renminbi-rupee trade with China to tackle the sharply depreciating rupee and the widening trade deficit.

The country had shipped its first consignment of 100 tonnes of non-basmati rice to China last month. Officials said traders see potential to export one million tonnes of rice to China in a few years.

Recently China also lifted the ban on import of rapeseed meal from India. Rapeseed and soybean meal are used as protein source for animal feed in China.

China has agreed to open its doors for imports from India to reduce the increasing trade gap between the two nations. Officials of the two countries will meet next month to address New Delhi’s concerns on market access for Indian goods.

“China has agreed to increase its imports from the country….Global disruptions offer a chance to increase Indian exports,” commerce minister Suresh Prabhu said at an industry event on Friday.

“India and China are working together to resolve issues related to market access. They will hold meetings with Indian exporters soon to address their concerns relating to market access and trade regulations. Some progress has already been made with Indian rice being shipped to China.”