India and China are working closely on common trade concerns, including cooperation in buying oil and gas, against the backdrop of a US squeeze through tariffs and sanctions on Iranian oil imports, officials with direct knowledge of the matter said.
Efforts have been made by the world’s second and third largest oil importers to find common ground and energy cooperation is one of the key areas where the two sides can collectively bargain for better prices from producers, the officials added, asking not to be identified.
Following a visit to New Delhi in March by Li Fanrong, Deputy Chief of China’s National Energy Administration, the two sides created a joint working group on oil and gas. This is the first institutionalized arrangement between the two sides to cooperate in energy though they have several groups on issues such as counter-terrorism and the boundary dispute. Iran is important for the energy security of India and China as it is one of the largest suppliers of crude to the two major economies. The economic interests of India and China have also been threatened by the Trump administration’s announcement on ending preferential arrangements with India under the Generalized System of Preferences (GSP) programme and raising import duties from 10% to 25% on Chinese goods worth $200 billion. New Delhi and Beijing are coming closer to counter trade barriers created by the US that threaten the two major Asian economies, the officials said.
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