Modi And Jinping Bring In The Better Days: 15 Agreements Between India And China
Modi And Jinping Bring In The Better Days: 15 Agreements Between India And China
PM Narendra Modi and Chinese President Xi Jinping have ushered in a new era for Indo-China relations. If not Chindia, at least the 15 agreements between the 2 Asian powers bring them closer than before. The Indian government has also signed a 5 year long trade and economic cooperation agreement with the Asian neighbour to improve the trade balance and usher in Chinese investment in India. The 5 year trade and economic development plan was signed by India's Commerce Minister Nirmala Sitharaman and China's Gao Hucheng. Both the prime ministers were present during the signing of this plan.
Deeper issues such as the LOC dispute also came on to the surface and both nations are trying to resolve the issues of mutual concern there as well. Having a good relationship with neighbouring countries is the constant aim of the country which seeks to extend its cooperation and friendship for the mutual benefit of the nation. The agreement proposes a medium term roadmap for promotion of balanced and sustainable development with respect to economic and trade between the nations in a win-win situation for both.
Bilateral trade imbalances between the two nations are sought to be reduced through this agreement which also aims to attract investors anc reate a business friendly environment through cooperation between the two countries. The trade gap stood at USD 35 billion in favour of China at last count while total bilateral trade between India and her neighbour stood at USD 66.4 billion in the year 2013.
An agreement on the new route to Kailash Mansarovar was also part of the 15 new deals. 2 pacts were on trade development. Other agreements were pertaining to audio video co-production and cooperation in areas such as railways and cultural institution's collaborations. The minutes of the 10th session of the Indo-China Joint Economic Group were also signed during this time. Discussions were held on resolving issues that stand in the way of growth generating and mutually profitable bilateral trade between the 2 nations.
China's Xiaomi and India's Micromax are formidable in the mobile market today. Combine India and China and one would have an economic engine that never runs out of energy and vibrancy. Specific measures were taken to enahcne market access to Indian products in fields such as pharmaceuticals and agriculture. An MoU on peaceful usage of outer space and a twinning agreement between Shanghai and Mumbai were also other positive outcomes of the talks. Chinese investments in the area of infrastructure were another area where PM Modi invited cooperation from his Chinese counterpart. China will be committing $20 billion in the next 5 years for this.
An MoU was also signed for the upliftment of the Indian railways. According to this memorandum, an action plan will be formulated between the railways ministries of the 2 nations for further growth and desirable development in railway infrastructure and other features. With mutual benefits high on the agenda, this is a fair partnership that could be the perfect cure for poverty, unemployment and lack of growth. Sustainable and balanced development can solve the problems easily. This is exactly what India needs.
