Commerce Minister Anand Sharma, who is part of a high level delegation that is accompanying Prime Minister Dr. Manmohan Singh to the BRICS summit being held in China, has said that the mounting trade deficit is a matter of concern for India. Talking to AIR, Mr Sharma said that the rising trade deficit with China is matter of concern even though India seeks to increase trade with its BRICS counterpart.He said that the matter has been discussed in the highest level. Prime Minister himself has recalled at Hanoi, in the India- ASEAN summit meeting between the two Prime Ministers. The Prime Minister Dr. Manmohan Singh has specifically mentioned that it needs to be addressed and it has become a challenge. India's trade deficit with China had touched 20 billion dollars as the overall bilateral trade reached 55 billion dollars as of December 2010.The issue is expected to come up during the on going talks between Prime Minister Singh and President Hu Jintao .Sharma said India had sought greater access to China's market in order to bridge the widening trade gap.Meanwhile, the BRICS economies have zeroed down to sign the first of its kind credit agreement.According to the new pact, the BRICS nations would be able to provide loans or line of credit to each other in their own local currencies instead of the predominant US dollar.However, the understanding only confines to credit and not trade.Ever since 2009 BRICS summit in Yekaterinburg, Russia, it has been talking about reforming international monetary system in which reserve currency is the focal point. Tomorrows BRICS Summit is the third in a row. The first one took place in Yekaterinburg in Russia on June 2009 while the second was hosted at Brasilia in April 2010.