India's Trade Strategy: Expanding Global Share

New Delhi, Dec 8 (PTI) The government is continuously taking initiatives to conclude trade agreements with key countries to expand its share in world commerce, Parliament was informed on Friday.

These initiatives include bilateral meetings, stakeholder consultations, and the exchange of trade data, Minister of State for Commerce and Industry Anupriya Patel said in a written reply to Rajya Sabha.

She also said a number of bilateral meetings have been held with the Eurasian Economic Union (EaEU) to discuss the trade agreement.

Draft texts and terms of reference have been exchanged.

"EaEU's trade data from January 2022 onwards, necessary to determine the scope of the agreement and potential gains from the agreement, is awaited from EaEU," she said, adding that "the government is continuously taking initiatives to conclude trade agreements with significant trade partners, including EaEU, with a view to expanding its share in world trade".

In a separate reply, the minister said India's mobile phone exports have increased more than USD 7.81 billion (about Rs 64,823 crore) till October 2023 against USD 4.81 billion (about Rs 39,923 crore) in 2022–23 during the same period.

Responding to another question, Patel said in some of the sectors, until the domestic manufacturing capabilities reach optimal scale, the domestic demand is being met through imports, including China.

"The trade deficit between India and China in 2022–23 was USD 83.2 billion. The trade deficit with China in 2023–24 (April-Sept) has decreased 3.91 per cent over the same period in 2022–23," she added.

She said the government, through its mission in China, regularly raises market access and non-tariff barrier issues with the Chinese side.