India, China trade high volumes as US withdraws from TPP
China is setting new records for the volume of trade between the two nations, with trade volumes on both sides up more than 60 percent since the United States withdrew from the Trans-Pacific Partnership (TPP) trade pact in late 2015.
The country’s trade with the United Kingdom, one of the biggest exporters of goods and services to the Asia-Pacific region, surged to $10.7 billion (€8.2 billion) in the first nine months of this year from $5.5 billion (¥7.6 billion) the year before, according to data from the World Bank.
India is also the largest source of China’s imports from the European Union (EU) as it accounts for a quarter of its exports.
Its imports from China are up nearly 100 percent since 2015, while imports from EU members have dropped 20 percent.
India, China are the largest trading partners in the region, accounting for about 80 percent of total trade.
China’s exports to the region are up a stunning 91 percent over the same period, while exports to India are down almost 80 percent.
Trade between the Asian giants rose to $4.3 billion in the third quarter from $2.9 billion a year earlier, as China began to reduce tariffs on goods from the bloc, a senior government official told reporters on Wednesday.
Trade is also rising between China and the United Arab Emirates, which have increased the amount of cross-border trade to $7.7 million in the fourth quarter from a little more than $3 million a year ago, according a Reuters report.
The UAE has also increased the volume and intensity of cross border trade with China to record levels, the report said.