Zee Media Bureau
Beijing: Prime Minister Narendra Modi on Friday raised concern over the expanding trade imbalance in favour of China after which the two sides decided to set up a high level task force to address it and other issues, like access.
"President Xi and Premier Li were very receptive to the specific concerns I had raised on our growing trade deficit. We look forward to early impact on the ground," Modi said.
"We have agreed to create a high-level task force to develop a strategic road-map to expand economic relations. It will cover a broad range of areas including Infrastructure, IT, Pharma, Agriculture and Manufacturing," he added.
The trade imbalance has touched USD 38 billion, which is a major concern for India.
"The two sides resolved to take joint measures to alleviate the skewed bilateral trade so as to realize its sustainability," the Joint Statement said.
"Such measures will include cooperation on pharmaceutical supervision including registration, speedier phytosanitary 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," it added.
"Both sides will make full use of the India-China Joint Economic Group to work on this," it said, adding the leaders welcomed the decision to expedite discussion and endeavour to favourably address, in the spirit of mutual cooperation and reciprocity, the issues pertaining to tariff reduction in respect of relevant Indian products under the framework of Asia-Pacific Trade Agreement.
The two sides also decided to have a special mechanism to discuss issues related to WTO talks as both have the same approach on these.
India and China also inked a record 24 bilateral agreements today after talks between Prime Minister Narendra Modi and Chinese Premier Li Keqiang here.
"Signing Ceremony in progress. A record 24 Bilateral Agreements being signed between India and China," tweeted external affairs ministry spokesperson Vikas Swarup.
The agreements signed between India and China focussed on certain sectors, including railways, space cooperation, tourism, maritime security, human resource development, skill development and cooperation between Doordarshan and China Central Television (CCTV).
Modi is on a three-day visit to China as the two world`s two largest countries by population work to boost economic ties despite decades of mistrust.
Earlier in the day, Prime Minister Modi was accorded with an official welcome ceremony at the Eastern Plaza in the Great Hall of People. Prime Minister Modi, along with Premier Li, inspected the Guard of Honour before the national anthems of India and China were played at the venue.
In the afternoon, the two leaders are scheduled to address the State/Provincial Leaders` Forum, following which Premier Li will host a lunch banquet for the Prime Minister.
Prime Minister Modi will later meet National People`s Congress (NPC) standing committee chairman Zhang Dejiang, before visiting the Tsinghua University, where he is scheduled to address the students. He will then visit the Temple of Heaven, where he will have his final engagement in the city: a yoga-tai chi joint event.
In the evening, the Prime Minister shall depart for Shanghai, the third and final city he shall be visiting during his current tour of China.
With Agency Inputs
