India signs pact with China to better trade ties, get $20bn
The ‘Five year Trade and Economic Development Plan’ was signed by Commerce Minister Nirmala Sitharaman and her Chinese counterpart Gao Hucheng in presence of Prime Minister Narendra Modi and visiting President Xi Jinping.
The agreement lays down a medium term roadmap for promoting balanced and sustainable development of economic and trade relations between China and India, on the principle of equality and mutual benefit.
Among other things, it seeks to reduce bilateral trade imbalance and strengthen investment cooperation to realise USD 20 billion investment from China in 5 years.
Also a transparent, stable and investor friendly business environment and an enhanced cooperation between Chambers of Commerce and financial sectors of the two countries would also be covered under the pact.
The trade gap between the two countries stood at USD 35 billion in favour of China. The total bilateral trade was at USD 66.4 billion trade last year.
Sitharaman and Gao also signed the minutes of the tenth session of India-China Joint Economic Group held earlier this month in Beijing.
Both sides during the Beijing meeting held detailed discussions on various issues to promote broad and deep bilateral trade and economic cooperation and agreed to undertake measures to achieve sustainable and balanced trade.
Specific measures to enhance market access to Indian products such as agricultural and pharmaceutical, and export of services were also discussed during that meeting.
India and China sign 12 agreements following talks between Prime Minister Narendra Modi and Chinese President Xi Jinping.
>>The pacts include cooperation in railways, outer space and customs.
>>It is important to have mutual trust and peace at the border to realise the full potential of the relationship between India and China
>> All issues including economic, political and security discussed over the last two days. We decided to step up engagement in diverse areas
>> We expressed concern over trade imbalance and requested Chinese leader Xi Jingpin to ease restrictions for investment by Indian companies in China
>>India and China decide to initiate talks on civil nuclear cooperation.
>>worth USD 20 billion in India over the next five years
>>I conveyed concern over the incidents along the border. The boundary question has to be resolved
>>Have said that there needs to be clarity on LAC
>>I have expressed concern over China’s visa policy as well as the water issue. Their resolution will strengthen the ties further
>>We had fruitful talks which include all issues of mutual concern, says Chinese President Xi Jinping.
>>Xi invites Modi to pay a visit to China early next year.
>>2015 to be observed as ‘Visit India’ year in China, says Xi.
>> China and India to act as twin engines to promote growth and prosperity in the region, says the Chinese President.
>>We have decided to respect each other’s concerns. China has determination to resolve the boundary issue, says XI.