India and China to work on reducing trade deficit, improving
Prime Minister Narendra Modi and Chinese President Xi Jinping agreed to set up a
new “high-level economic and trade dialogue mechanism” to enhance trade and
commercial ties. Chinese Vice Premier Hu Chunhua and Finance Minister Nirmala
Sitharaman will head the mechanism, which will also identify sectors for mutual
investments for joint manufacturing partnerships.
India’s trade deficit with China stood at $53 billion at the end of 2018-19.
The Chinese president told Modi that Beijing was “ready to take sincere action in
this regard and discuss in a very concrete way how to reduce the trade deficit”. Xi
welcomed Indian investments into China in IT and pharmaceutical sectors.
The two also discussed the ongoing RCEP negotiations in Bangkok, with Modi
“specifically” stating that while India looked forward to the free trade pact, it was
important that it was balanced, and that balance was maintained between trade in
goods, trade in services and investments.
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