Modi-Xi summit: Balancing trade a top priority of India-China reset

WUHAN: Enhancing India-China economic relationship and addressing trade deficit figured prominently in wide-ranging discussions between India’s Prime Minister Narendra Modi and Chinese president Xi Jinping at the first informal summit in the central Chinese city of Wuhan.

The leaders of India and China concluded their two-day informal summit on April 28, with a joint strategic resolve to build trust and enhance cooperation and coordination across a range of bilateral, global and regional issues.

With India’s deficit with China ballooning to over $52 billion, the two leaders discussed ways and means to achieve balanced trade and build stronger economic relations.

PM Modi conveyed to Chinese leader that “trade should be balanced and sustainable”, India’s Foreign Secretary Vijay Keshav Gokhale told journalist after the end of summit meeting in Wuhan.

PM Modi stressed on the need for promoting of balance export and enhancement of agriculture and pharmaceutical exports, said Gokhale.

India-China bilateral trade has scaled up to over $72 billion, making China one of top trading partners of India, but the enlarging trade deficit remains a sore issue with India’s diplomatic establishment as well as the business community.

The Wuhan meeting saw the leaders of India charting out a roadmap for upgrading their bilateral partnership across the spectrum. Looking ahead, balancing trade and increasing Chinese investments in India will be an important priority in this ongoing reconfiguration of the relationship between the two emerging economies.

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