Basic Chemicals, Cosmetics & Dyes Export Promotion Council
(Set-up by Ministry of Commerce and Industry, Govt of India)
Jhansi Castle, 4th Floor, 7, Cooperage Road, Mumbai - 400 001. India
Tel : +91 22 22021288 Website : www.//chemexcil.in
ALL THE MEMBERS OF THE COUNCIL
Inviting Suggestions on China Specific Medium Term Export Strategy to reduce
our trade deficit
This is in continuation of our recent circulars seeking inputs on Strategy to balance Indo-China Trade as the same were to be deliberated in a meeting under the Chairmanship of Hon'ble Minister for Commerce and Industry.
This meeting was held on 4th April 2019 under the chairmanship of Hon'ble Minister of Commerce & Industry who reiterated that there is trade deficit with China. Although it has reduced to USD 53 Bn this year as compared to USD 63 Bn last year, still there is huge gap which needs to be covered. As advised, we need to expand our existing capacities, expand our product basket, more market access, less dependent on imports and to attract more investment from China to India to cover this trade deficit.
EPCs and trade bodies have been advised to formulate medium term policy to work towards trade surplus with China. It can happen by increasing our exports to China and reducing our imports from China. EPCs must have solution based medium term export strategy for increasing our exports exclusively to China and to inform Ministry of Commerce what support is required from GOI / our embassy in China to reduce this gap and to work towards trade surplus. further, we should know from our members about their interest in setting up units / joint ventures in India in collaboration with Chinese Companies with their technical expertise and to inform MOC accordingly about the support required from GOI in this regard.
Although there is growth of nearly 60% this year in our exports of Dyes, Dye Intermediates, Organic Chemicals to China, still there is trade deficit of nearly USD 2 bn in the products covered under our Council. We need to cover this gap by increasing our exports and reducing our import dependence.
In view of above, we invite suggestions from our members on Market focused, China specific medium term export strategy to reduce our trade deficit and move towards trade surplus with China. Members can also highlight the support required from GOI in this regard.
Your valuable suggestions/ inputs be sent to us at the earliest i.e. by 15/04/2019 on e-mail id’s:- firstname.lastname@example.org, email@example.com & firstname.lastname@example.org .
Your timely replies will be appreciated and shall enable us put forth the desired strategy inputs as required by DoC.
(S. G. Bharadi)