Updated By: LatestGKGS Desk
India & China signed pact to reduce tariffs on Indian medicines, anti cancer drug
India & China signed a pact to reduce tariffs on Indian medicines, anti-cancer drug- Details, Aim Purpose
India and China have signed an agreement on the reduction of tariffs on Chinese imports of Indian medicines, particularly cancer drugs. Chinese foreign ministry spokesperson Hua Chunying told in a media briefing in Beijing.
Indian drugs, especially cancer-curing medicines, are in big demand in China. About 4.3 million people are diagnosed with cancer annually in China, according to a report of the state-run China Central Television.
China's Beijing, which earlier announced a cut on import duties on over 8,500 Indian items, will relax taxes on more goods from India and other countries as its trade war with the US heats up.
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.
There is a popular movie 'Dying to Survive' about zero tariff imposition on anti-cancer medicines in China.
India-China slapped tariffs on each other's products to the tune of $70 billion last week in 2018.
