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India and China to work on reducing trade deficit, improving investment

India and China are setting up a new mechanism under the Finance Minister of India and Chinese Vice-Premier, to works towards reducing trade deficit and improving investment and services. The development, confirmed by Foreign Secretary, follows the two-day informal summit between Prime Minister Narendra Modi and Chinese President Xi Jinping.

Bilateral trade between the two countries currently stands at $87 billion. Xi told Modi that he would work towards reducing India’s huge trade deficit with China.

Gokhale said the Kashmir issue was neither raised nor discussed. “Our position is anyways very clear that this is an internal matter of India,” he said, adding that radicalisation was a matter of concern for both.

Meanwhile, Modi has accepted an invitation from Xi to visit China for the next summit. Dates will be worked out later.
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Xi also spoke of greater facilitation for pilgrims doing the Mansarovar Yatra, and Modi put forth a number of ideas on the connection between the state of Tamil Nadu and the Fujian province of China.

There was renewed focus on people-to-people interaction and it was decided that citizens of both countries must be brought into its fold.

Source: Business Standard