China has exempted import tariffs for 28 drugs, including all cancer drugs, from May 1, confirmed the Chinese envoy to India on Thursday.
"China has exempted import tariffs 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," tweeted Chinese Ambassador to India Luo Zhaohui.
Furthermore, welcoming Indian businesses, the Chinese Diplomat, in another tweet, wrote "China will further improve business environment by halving time required to open a business, State Council decided at an executive meeting chaired by Premier Li Keqiang on May 2nd. #China's door to the outside world will open wider. #Indian businesses are welcome!"
The bid to reduce the trade imbalance between India and China comes barely a few days after a two-day informal summit between Prime Minister Narendra Modi and Chinese President Xi Jinping which was held in picturesque Wuhan city.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)