India Flags Trade Concerns at WTO Meeting in Geneva

India raised concerns about its high trade deficit with China and the lack of transparency in Chinese subsidies during a World Trade Organisation meeting in Geneva. India hopes for China's support on issues affecting the Global South. The European Union also criticized China's industrial policies.

India has voiced its concerns over the substantial trade deficit and lack of transparency in Chinese subsidies at the World Trade Organisation (WTO) meeting in Geneva, an official revealed.

During the WTO's trade policy review of China, India expressed hope that China would address issues affecting the Global South.

A trade official based in Geneva noted that India's trade balance with China reveals the largest trade deficit, prompting New Delhi to call out the non-transparent subsidies and mechanisms in place that lower prices and undermine local industries.

India's exports to China in 2023-24 stood at USD 16.65 billion, while imports soared to USD 101.75 billion, resulting in a trade deficit exceeding USD 85 billion.

China has become India's top trading partner, with bilateral trade reaching USD 118.4 billion in 2023-24, surpassing trade volumes with the US.

At the meeting from July 17-19, the European Union requested China to give up its developing country status in the future and raised alarms over China's industrial policies, import substitution, and other opaque practices.

(With inputs from agencies.)