Zee Media Bureau
New Delhi: India and China have signed a 5-year trade and economic co-operation pact, an Indian government official said on Thursday during a visit by the Chinese President Xi Jinping to meet Indian Prime Minister Narendra Modi in New Delhi.
The two nations also signed a railway co-operation pact, the official said.
Prime Minister Narendra Modi has also been assured of greater access to Indian goods and investments by Chinese President Xi Jinping in a bid to bridge the yawning trade deficit between the two countries.
"I raised the issue of trade imbalance between the two countries. I urged President Xi to give our companies better market access and investment opportunities in China," Modi said after his bilateral talks here with the Chinese side.
"The Chinese president assured that he will take concrete steps in this regard."
The prime minister said he was pleased with the inking of agreements between the two sides for two Chinese industrial parks in India and Beijing`s commitment to invest around USD 20 billion in India over the next five years.
India-China bilateral merchandise trade stood at USD 65.88 billion in 2013. While India`s exports to China was valued at USD 14.50 billion, its imports were much larger at USD 51.37 billion, resulting in a large trade deficit.
The visit coincides with a slowdown in China`s economy, which has prompted Chinese companies to look abroad for growth opportunities.
Indian airline IndiGo, the country`s largest by market share, Wednesday said it had sealed a USD 2.6 billion agreement on the sidelines of the summit with Industrial and Commercial Bank of China (ICBC) to finance more than 30 new aircraft.
With agency inputs
