China has exempted import tariffs for 28 drugs, including cancer medication, from Tuesday, confirmed the Chinese envoy to India, according to ANI.
Chinese ambassador to India Luo Zhaohui tweeted, “Good news for India’s pharmaceutical industry and medicine export to China.” In another tweet on new businesses, he said, “#China’s door to the outside world will open wider. #Indian businesses are welcome!”
The exemption on import tariff was announced by China’s Ministry of Finance on April 23, reported state media agency Xinhua. A statement released by the ministry mentioned, “The authorities will reduce the prices of cancer drugs through centralised government procurement and eliminate premium prices for drugs by means of cross-border e-commerce.” This will also help maintain an open and inclusive multilateral trade system and enable more people to share common prosperity, reported Xinhua, quoting the ministry.
In April, Prime Minister Narendra Modi had visited China in an effort to improve bilateral ties between the two countries which had weakened because of the Doklam standoff last year.