China to reduce tariffs, increase imports of Indian medicines

China's foreign ministry said Monday that India and China had agreed on reducing duties on Indian medicines, especially cancer drugs, reported the Hindustan Times.

"We believe expansion of imports and slashing of tariffs on anti-cancer medicines will also usher in great opportunities for India and other countries in the region," stated ministry spokesperson Hua Chunyin.

"As far as I know, pharmaceutical trade between China and India has shown a continuous growth trend. The two sides have conducted good communications on promoting Indian medicines to enter the Chinese market," she said.

According to India's Pharmaceuticals Export Promotion Council, the country's export of drugs, pharmaceuticals and fine chemicals to China in 2014-2015 were worth $138 million.

In April, China had first announced it would remove duties on 28 medicines, a move that was expected to benefit Indian manufacturers.

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