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India and China agreed to address the issue of widening trade imbalance between the two countries, after New Delhi conveyed its concerns about the trade deficit and sought increased access to China’s markets.
Addressing the media after meeting the visiting Chinese Premier, Li Keqiang, Prime Minister Manmohan Singh said he has invited the Chinese to invest in “our infrastructure and manufacturing sectors.”
Financial cooperation
A joint statement issued at the conclusion of talks said the two countries agreed to address the issue of trade imbalance, including cooperation on pharmaceutical supervision, stronger links between Chinese enterprises and the Indian IT industry and completion of phytosanitary (involving health of plant and agricultural produce) negotiations.
They will also strengthen cooperation between their financial regulators and support banking institutions in setting up representative offices, branches or subsidiaries.
The two sides will also work towards simplifying visa procedures.
Further, to promote trade, connectivity and movement of personnel across the border, the two sides agreed to consider strengthening border trade via the Nathu La Pass.
Manmohan Singh said he had shared with Premier Li the view that the rise of China and India is good for the world and that there was in the global economy “enough space to accommodate the growth aspirations of both our people.”
Premier Li added that both the sides believe that each country should see the development of the other as a major opportunity for itself.
With India indicating that the peace and tranquillity on the border was the keystone for relations, the two sides agreed that the Special Representatives of India and China be tasked with considering further measures that may be needed to achieve this.
River issue
Talking about India’s concerns on river issues, Li said China had shared hydrological information with the Indian sides bearing in mind the overall interest of our relationship. “Acting in a humanitarian spirit… we stand ready to step up communication with the Indian side.”
Briefing newspersons, the Indian Ambassador to China, S. Jaishankar, said that the visit was significant as the talks were wide ranging and all matters were discussed. Pacts signed:
>ashwini.phadnis@thehindu.co.in
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