In a significant development on Friday, the Chinese government announced that it has removed import duties on 28 medicines, including critical cancer and cancer alkaloid-based drugs from May 1.
According to a Press Trust of India report, this decision will aid the Indian pharmaceutical industry, which is known around the world for manufacturing low-cost generic drugs, to bump up the export of these pharmaceuticals to China.
“China has exempted import tariffs (duties) for 28 drugs, including all cancer drugs, from May 1st. Good news for India’s pharmaceutical industry and medicine export to China. I believe this will help reduce trade imbalance between China and India in the future,” Chinese Ambassador to India Luo Zhaohui said in a tweet.
However, the potential benefit of this move is yet to be ascertained.
India’s trade deficit with China currently stands at a whopping $62.8 billion in 2017-18, as compared to $51 billion a year before.
Source:-The Better India