Anand Sharma and Chinese Minister of Commerce Gao Hucheng exchanged their views on Tuesday during Union Commerce & Industry Minister's visit to Brunei where he is attending several ministerial meetings on Regional Comprehensive Economic Partnership Agreement, East Asian Economic Ministers Meeting and the ASEAN-India Ministerial meeting.
This was the first meeting of the two ministers after the visit of the Chinese Prime Minister to India in June.
"Ministers followed up their discussion with a view to plan for the next meeting of the Joint Economic Group (JEG) likely to be scheduled in late October this year in Beijing city," Ministry of Commerce & Industry said in a statement.
Sharma informed Chinese Minister about India's preparedness for further engagements in the three working groups constituted during the Prime Ministerial Meeting earlier this year.
The working group on the trade and economic cooperation is mandated to prepare an action oriented work plan for improving India's trade imbalance with China.
Sharma specially drew the Chinese Minister's attention to India's pending request for facilitating Indian exports of pharmaceuticals, agricultural products, buffalo meat and information technology services.
He was assured by his counterpart that China would make every effort to facilitate imports from India for bridging trade imbalance.
They agreed that the working group should meet in September for further work.
They also agreed that the other two working groups on Trade in Services and Trade Statistics should also meet in September with a view to implement the decisions of their leaders.
Sharma sought Chinese investment in manufacturing in the National Manufacturing Investment Zones.
China showed special interest in infrastructure, power and capital goods manufacturing.
"They will finalize the details of such understanding during their next meeting in October," the Ministry said in the statement.
In the last JEG Meeting with China on Aug 27, 2012 in New Delhi, Sharma had handed over to the Chinese Minister of Commerce the roadmap for enhanced cooperation between India and China in IT& ITeS and the pharmaceuticals sector.
If implemented, it would surely be helpful in bringing down the trade deficit with China.
"A favourable action in the matter is needed from Chinese side. India and China have many complementarities in these sectors particularly in IT and ITeS sector and the Pharmaceutical sector. Joining hands in these sectors would prove a win-win situation for both the countries" said Sharma.
During January- June 2013 India's export to China stood at USD 5.42 billion whereas imports were USD 24.70 Billion.