India and China have agreed to hold the 7th India-China Financial Dialogue here this year to enhance cooperation between the financial regulators of the two countries.
A joint statement issued during the visit of Chinese President Xi Jinping states that the Indian side approved, in principle, the request of the Bank of China to open a branch in Mumbai. Chinese President Xi Jinping and Prime Minister Narendra Modi held delegation level talks in this regard on Thursday. The leaders agreed to explore new areas for economic cooperation in crosscutting fields including industrial investment, infrastructure development, energy conservation and environment protection, high-tech industry, clean energy and sustainable urbanisation, the statement said.
The two sides also agreed to take positive steps towards rebalancing bilateral trade and addressing the existing structural imbalance in trade that has a bearing on its sustainability. Such measures will include cooperation on pharmaceutical supervision including registration, speedier negotiations on agro-products for two-way trade, stronger links between Indian IT companies and Chinese enterprises, and increasing services trade in tourism, films, healthcare, IT and logistics.
During the visit of the Chinese delegation, “the two sides exchanged views on the India-China boundary question and reiterated their commitment to seek a fair, reasonable and mutually acceptable solution, proceeding from the overall interests of bilateral relations,” the statement also says.
The delegations also reaffirmed the utility and significance of the mechanism of Special Representatives for seeking a political settlement of the boundary question and of the Working Mechanism for Consultation and Coordination on India-China Border Affairs for handling border related matters.
Border issues “Peace and tranquillity on the India-China border areas were recognised as an important guarantor for the development and continued growth of bilateral relations. Pending a final resolution of the boundary question, the two sides will continue to make joint efforts to maintain these in the border areas,” the statement said.
India and China also agreed to regular exchange of visits between the Defence Ministries and military leaders, so as to expand pragmatic cooperation in relevant fields. They also agreed to hold the fourth joint army training at a mutually convenient time, hold a Navy/Airforce joint exercise at a proper time, and strengthen cooperation in such areas as peace-keeping, counter-terrorism, naval escort, maritime security, humanitarian rescue, disaster mitigation, personnel training, and think tank communication.