India, China Convene High-Level Trade Discussions
The bilateral meeting between Goyal and Chinese Commerce Minister Wang Wentao represents the first direct engagement between trade ministers of both nations since India withdrew from the China-backed Regional Comprehensive Economic Partnership (RCEP) negotiations in 2019 — a move that had significantly cooled diplomatic momentum between the two Asian giants.
"Met Mr. Wang Wentao, Minister of Commerce of China, on the sidelines of the #WTOMC14. Exchanged views on the MC-14 agenda and discussed bilateral trade matters," Goyal said in a post on X on Thursday.
Goyal outlined that the discussions centered on cultivating mutual confidence and identifying pathways to broaden two-way trade, with particular emphasis on unlocking greater export opportunities for Indian industries. Sectors including pharmaceuticals, engineering goods, fisheries, and agricultural produce were specifically identified as priority areas for expanded market access.
For his part, Wang expressed appreciation for India's growing engagement with China-led trade initiatives, specifically citing the 'Big Market for All: Export to China' program. The Chinese minister further urged New Delhi to leverage key platforms — including the China International Import Expo and the China-South Asia Expo — as strategic channels to boost Indian exports into the Chinese market.
The talks arrive against a backdrop of mounting trade imbalance. India's trade deficit with China breached the $100 billion threshold for the first time ever during the April–February period. While Indian exports to China surged nearly 38% to reach $17.5 billion, imports climbed 15% to $119.55 billion — underscoring the steep asymmetry that both sides appear eager, at least in rhetoric, to address.
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