India, China reach agreement on reduction of tariffs on Chinese imports of Indian medicines

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National News

Jul 10, 2018

12:23AM

India, China reach agreement on reduction of tariffs on Chinese imports of Indian medicines

India and China have reached an agreement on reduction of tariffs on Chinese imports of Indian medicines, particularly cancer drugs. Chinese foreign ministry spokesperson Hua Chunying told a media briefing in Beijing today that both the countries have reached agreement on the reduction of tariffs on anti-cancer medicines .He said the agreement will also usher in great opportunities for India and other countries in the region.

Both India and China slashed import tariffs of a range of products starting July 1, following the fourth round of negotiations under the Asia Pacific Trade Agreement (APTA), which also includes Bangladesh, Laos, South Korea and Sri Lanka.

Both the countries have stepped up negotiations for Chinese imports of Indian rice, sugar and pharmaceuticals after a meeting between Prime Minister Narendra Modi and President Xi Jinping during the April 28 Wuhan informal summit.

According to a report of the state-run China Central Television about 4.3 million people are diagnosed with cancer annually in China. Indian drugs, specially cancer curing medicines, are in big demand in China as they are far cheaper than their western counterparts.