Prime Minister, Mr Narendra Modi, has said that the 2nd Informal Summit at Mamallapuram in Tamil Nadu has begun a new era of cooperation between India and China.

He was making his inaugural statement at the beginning of the delegation level talks with the Chinese delegation headed by President, Mr Xi Jinping, on the second day of the informal summit.

The success of the summit was complemented by the news that India’s engineering exports to China went up by an annualised 58 per cent in August 2019 to a value of $ 176.94 million from $ 112.20 million in the corresponding month last year, bucking the trend of drop in overall exports to the world market, according to data from EEPC India, an apex body of engineering exporters under the Ministry of Commerce, as per a report.

Led by items like iron and steel and their products, the rise in shipments to China was contrary to the overall decline of 8.92 per cent in India’s total engineering exports to the global market at $ 6.35 billion during August 2019.

Iron and steel exports to China during August 2019 went up to $ 54.61 million ($ 22.73 million), a surge of over 140 per cent. The other major exports to China included industrial machinery and non-ferrous metals, the report said.

Meanwhile, Chinese Ambassador to India, Mr Sun Weidong, has said there is huge potential for China and India to expand business and trade ties and both the countries should uphold free trade and jointly speak out against trade protectionism and unilateralism in the current situation of rising uncertainties in the external environment.

He stressed that China encourages Chinese companies to invest in India and hoped that India will provide a more fair, friendly and convenient business environment for Chinese companies to operate in India.

China has been feeling the impact of its ongoing trade war with the US.

Also, speaking at a FICCI event, Ms Zhu Xiaohong, Counsellor, Embassy of China, said that China’s trade surplus with India reduced by 1.6 per cent to $ 37.9 billion during the first eight months of 2019. “India’s agricultural products, pharmaceuticals, handicrafts have certain advantages. However, due to lack of necessary understanding and cognition of the Chinese market, their way into China seems not smooth,” she said.

POSTED BY Exim News Sevice.