India has picked 151 products which can be exported to China instead of the United States as the cost-benefit escalated by the countered higher levies imposed by the Jinping government on the US products amid the increasing trade war between the two nations. These add diesel engines, X-ray tubes, copper ores, antibiotics, granite, xylene, inverter, and ketones, assured by the people with knowledge of the matter.
This comes in the wake of the US concluding preferential advantages to $6.35 billion of Indian exports and India planning to import tariffs on 29 goods emerging in the US. An official alert of internal research by the Department of Commerce to recognize such products.
The government also selected 531 product lines in which US imports from China, as well as exports of India to the world, are crucial. Out of these, India has the latent to replace the Chinese exports to the US as it has the accessibility and is a rival of China in 203 lines.
China has punched with a higher levy of 5-25% on most of the chemicals coming from the US compared with the tariff of 2-7% charged on Indian chemicals.
Granite, Copper concentrates, xylene and inverters are the key US products on which China has enforced 25% duty levied while products of retrieved rubber and parts of taps are in the 20% tariff category since 1st June.
Both nations, China and India are the fastest developing markets in the world, are members of the Asia Pacific Trade Agreement and are bargaining the Regional Comprehensive Economic Partnership trade pact with 14 others. The official said, “ The ongoing retaliatory tariffs provide a window of opportunity for enhancing India’s exports to China”.
India has selected 151 products which are the part of a list of 774 such items where the nation develops the chance for higher exports. These 774 product lines are included in which the imports of China from the US are ample and so are the exports of India to the world.
Besides, there are more than 600 other products in which market access with China will be potently followed, claimed the official.
India has devised a strategy for gaining market access in China for its enterprise and pharmaceutical exports and grab foreign companies looking to shift their manufacturing bases out of the country after the emergence of the trade war between China and the US. Trade deficiency in China reached a record of 53.6 billion.