India, China agree to tackle trade deficit at Modi-Xi summit

India and China will set up a mechanism to tackle India's galloping trade deficit with the world's second-biggest e
12 Oct, 2019
  • India and China will set up a mechanism to tackle India's galloping trade deficit with the world's second-biggest economy.
  • Xi, who is visiting India, and Modi held several hours of one-on-one talks in a southern seaside Indian town.
  • Indian Foreign Secretary Vijay Gokhale said at a press briefing that the deficit was a concern for India and the Chinese side was willing to address it.

Xi, who is visiting India, and Modi held several hours of one-on-one talks in a southern seaside Indian town, during which they discussed a range of economic issues, including India's $53 billion trade deficit with China in 2018/19, and ways to tackle it.

Indian Foreign Secretary Vijay Gokhale said at a press briefing that the deficit was a concern for India and the Chinese side was willing to address it. Xi welcomed Indian investment in pharmaceuticals and textiles, he added.

Read Comments