The Prime Minister of India Shri Narendra Modi and the President of the People’s Republic of China Mr Xi Jinping held their Second Informal Summit in Chennai, India, on 11-12 October 2019. After nearly two-and-a-half hours of “open and cordial” one-on-one free-wheeling talks on Friday, Prime Minister Narendra Modi and Chinese President Xi Jinping met again on last Saturday in Mamallapuram to continue their talks. Following the one-on-one meeting, India and China hold delegation-level talks including top officials.
The meeting in Mamallapuram is the third between the two leaders since Modi’s re-election as prime minister in May and sixth since Modi and Xi sat down for their first informal summit in Wuhan last April.
In their conversations, both leaders agreed that it was important to deal with challenges of terrorism & radicalisation in an increasingly complex world. Both are leaders of countries which are not only large in terms of areas & population but also in terms of diversity.
There was a new focus on people to people relations. It was decided that the public of both countries must be brought in the relationship. Ideas were exchanged on this. Kashmir issue was not raised and not discussed. President Xi talked about the need for enhancing defence cooperation. He urged more trust between both militaries. President Xi has invited the Defence Minister Rajnath Singh to visit China.
The relationship between the two giants of Asia, and the world, has been progressing at a tremendous pace. Both nations have witnessed their share of ups-and-downs over the years.
India and China today represents Asia’s two largest and most dynamic economies which are emerging as new trend setters in international relations. The bilateral trade between India and China has grown four-fold in the past decade. But the trade was tilted more in favour of China. India had an unfavourable balance of trade with China.
While China continues to enjoy a huge favourable balance of trade vis-à-vis most other smaller states of the South Asian region, it is only the India-china trade that has remained to be China’s most balanced trade in South Asia. However, both these nations are growing very fast and can propel the future world economy with a pool of the world’s largest skilled work force.
The India-China bilateral trade last year touched a historic high of $95.54 billion, raising hopes that the trade this year could cross the historic $100 billion mark.
The bilateral trade between India and China has declined by 3.59% year on year, totalling $36.87 billion in the first five months of this year, denting optimism that the total trade volume may cross $100 billion marks in 2019.
As per the latest data released by Chinese customs, the bilateral trade in the first five months of 2019 has declined by 3.59% year on year amounting to $36.87 billion.
India’s exports to China in May 2019 stood at $1.52 billion, decreasing by 7.15%, while Chinese exports have declined by 4.54%, standing at $6.66 billion. After the bilateral trade crossed $95 billion last year which was a historic high, officials in recent months expressed optimism that the bilateral trade for the first time may cross $100 billion.
But a new era of cooperation will start between India and China on Saturday with the “Chennai connect”, Prime Minister Narendra Modi said after around five-and-half hours of one-on-one talks with Chinese President Xi Jinping spread over two days in this ancient coastal town as part of the second informal summit.