The agreements were signed after PM Modi and President Xi held extensive talks on the entire gamut of ties between the two countries including the boundary dispute and visa issue.
The agreement lays down a medium term roadmap for promoting balanced and sustainable development of economic and trade relations. Another MoU, signed between external affairs minister Sushma Swaraj and Chinese foreign minister Wang Yi, will facilitate the annual Kailash Mansarovar Yatra by Indian pilgrims through Nathu La Pass in Sikkim in addition to the existing Lipulekh Pass in Uttarakhand.
China has also agreed to strengthen India’s railways network and two pacts were inked aiming at increasing speeds of trains, studying feasibility of cooperation in high-speed railways and re-development of railway stations. An action plan will be prepared between Railways Ministry and the National Railway Administration of China on strengthening cooperation in Railways. However, the Chinese financial pledge is considerably less than Japan’s promise to invest USD 35 billion spread over five years. Apart from expressing concern over the ongoing Ladakh standoff, PM Modi also raised the issue of Chinese visa regime and trans-border rivers.
On his part, Xi said the two sides agreed to continue to be respectful of and sensitive to each other’s concerns and appropriately handle the outstanding issues between China and India in a positive attitude.
‘China and India are important neighbours to each other. There are certain other outstanding issues between the two countries. The two sides should work actively and seriously to address and handle them in the same spirit of seeking amicable relationship with each other,’ Xi said. Modi also announced that the countries have decided that they will begin the process of discussions on civil nuclear energy cooperation that will bolster the broader cooperation on energy security. ‘I sought his partnership in improving market access and investment opportunities for Indian companies in China. President Xi assured me of his commitment to take concrete steps to address our concerns,’ he said, adding he has invited Chinese investments in India’s infrastructure and manufacturing sectors.
Referring to the agreements on two Chinese industrial parks in India and a commitment to realise about USD 20 billion of Chinese investments in the next five years, Modi said it opens ‘a new chapter in our economic relations’.
The agreement lays down a medium term roadmap for promoting balanced and sustainable development of economic and trade relations. Another MoU, signed between external affairs minister Sushma Swaraj and Chinese foreign minister Wang Yi, will facilitate the annual Kailash Mansarovar Yatra by Indian pilgrims through Nathu La Pass in Sikkim in addition to the existing Lipulekh Pass in Uttarakhand.
China has also agreed to strengthen India’s railways network and two pacts were inked aiming at increasing speeds of trains, studying feasibility of cooperation in high-speed railways and re-development of railway stations. An action plan will be prepared between Railways Ministry and the National Railway Administration of China on strengthening cooperation in Railways. However, the Chinese financial pledge is considerably less than Japan’s promise to invest USD 35 billion spread over five years. Apart from expressing concern over the ongoing Ladakh standoff, PM Modi also raised the issue of Chinese visa regime and trans-border rivers.
On his part, Xi said the two sides agreed to continue to be respectful of and sensitive to each other’s concerns and appropriately handle the outstanding issues between China and India in a positive attitude.
‘China and India are important neighbours to each other. There are certain other outstanding issues between the two countries. The two sides should work actively and seriously to address and handle them in the same spirit of seeking amicable relationship with each other,’ Xi said. Modi also announced that the countries have decided that they will begin the process of discussions on civil nuclear energy cooperation that will bolster the broader cooperation on energy security. ‘I sought his partnership in improving market access and investment opportunities for Indian companies in China. President Xi assured me of his commitment to take concrete steps to address our concerns,’ he said, adding he has invited Chinese investments in India’s infrastructure and manufacturing sectors.
Referring to the agreements on two Chinese industrial parks in India and a commitment to realise about USD 20 billion of Chinese investments in the next five years, Modi said it opens ‘a new chapter in our economic relations’.