(Image source from: The News Minute)

India and China have proclaimed on Monday regarding its agreement over diminution of import tariffs on Indian medicines including anti-cancer drugs, which are extremely high-priced in the country.

Beijing said it will loosen up levy on more goods from India and else countries as its trade war with the United States heats up, which in the first place proclaimed a cut on import tariffs on over 8,500 Indian items.

China as granting more access to Indian pharmaceutical companies, as discussed between Indian Prime Minister Narendra Modi and Chinese President Xi Jinping at the Wuhan summit in April.

"We believe the expansion of imports and slashing of tariffs on anti-cancer medicines will usher in great opportunities for India and other countries in the region," Chinese Foreign Ministry spokesperson Hua Chunying said.

"According to the outcome of the Asia Pacific Trade Agreement, we agreed to slash tariffs by 33 percent... So the slashing of tariffs by the Indian side is also part of this negotiation," Hua said.

She added that China will likewise compel a negotiated agreed duty rate on applicable items in accordance with its regulations.

"We have decided to expand our imports as well as opening up. This is what China needs in order to uphold the free trade and work against protectionism. It is also in keeping up with our own pace of development and opening up," Hua said while referring to the ongoing trade war between China and the US.

Earlier this week, the two countries slapped tariffs on each other's products to the tune of $70 billion.

By Sowmya Sangam