China scraps import tariff on 28 drugs, envoy says it will help India’s pharmaceutical industry
Chinese ambassador to India Luo Zhaohui said the country ‘welcomed’ Indian businesses in China.
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!”
#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!
— Luo Zhaohui (@China_Amb_India) May 3, 2018
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.