Chinese President Xi Jinping and Indian Prime Minister Narendra Modi agreed at a summit on Saturday to set up a high-level group to tackle India’s galloping trade deficit with the world’s second-biggest economy, a top Indian diplomat said, reported Reuters.
Xi and Modi held nearly six hours of talks in an Indian seaside town in their second annual summit designed to break through decades of distrust over border disputes, trade rows and China’s close military ties with India’s rival, Pakistan.
“There was a good conversation on trade, an issue of concern; President Xi said China is ready to take sincere action in this regard and discuss in a concrete way how to reduce the deficit,” said Indian Foreign Secretary Vijay Gokhale.
Bilateral trade between China and India reached $95.54 billion in 2018, with the trade deficit at $53 billion in China’s favor; the biggest India has with any country.
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