• In tune with its rise as an internet giant, China is roping in India as a niche digital partner, as part of Beijing’s drive to cyber-connect with Eurasia — its new frontier for trade and investments.
  • At a conference on defining common international standards for two-dimensional (2D) barcodes — the gateways for linking genuine buyers and sellers, as well making digital payments by scanning QR codes —
  • In China, there has been a growing awareness of India’s strengths in the pharmaceutical sector and other areas.
  • But the challenge is how to find genuine buyers and sellers.
  • That is where 2D codes become important to solve the problem by eliminating fraudulent buyers and sellers online,”
  • So far, only exports of Indian pharmaceuticals and cotton are being funneled through the 2D coding route, though other items are likely to be added in the future.
  • Analysts say that China appears more inclined to source pharmaceuticals and agro-products from India, following an unabated trade war with the United States.
  • Chinese importers can scan that information, which will be stored in the 2D barcode, and swiftly decide online.
  • India’s favourable demography is also helping in building a growing digital-connect with China. “India has a young population, with a median age of 28.
  • Young people are finding it easier to adapt to the digital way of doing business than in some other countries
  • 2D coding will push larger volumes of India-China trade on digital platforms.
  • India has a good foundation for digital economics.
  • With the use of 2D coding, trade volumes can expand greatly, as the new technology will go a long way in building commercial trust.
  • Chinese officials spotlight that Beijing has already become a heavyweight in cyberspace, leading to its natural emergence as one of the focal points of the global digital economy.
  • Nearly 1.12 billion people in China use mobile phones and this are fundamental for telecom industry and foundations for 2D code.
  • Also the number of 3G and 4G users has reached 79.4%.
  • Even households in villages have access to QR codes.