India on Monday urged China to open its huge markets to Indian IT and pharma products to bring about balance in bilateral trade. Speaking at the first Strategic Economic Dialogue (SED) between the two countries in Beijing, Planning Commission Deputy Chairman Montek Singh Ahluwalia said that he believes that the Chinese side is aware of India's market access concerns.

Praising the giant strides made by China in its economic development, he said taking a strategic view of our relationship, he hoped that China would consider a more positive approach in sectors like IT and Pharmaceuticals. Montek said, India’s competitiveness in these fields is not in doubt and there is great unrealised potential in these areas.

Montek said, Both sides should discuss ways of improving the investment climate as that is essential to raise the Indo-China economic relationship to a higher level.

Although the bilateral trade crossed USD 61 billion this year, India was left with deficit of over USD 40.9 billion due to accelerated exports from China. India also conducted campaigns to raise awareness in China about the strides Indian companies made in the IT and Pharmaceutical sectors.