India, China agree to tackle trade deficit at Modi-Xi summit


  • World
  • Saturday, 12 Oct 2019

India's Prime Minister Narendra Modi and China's President Xi Jinping look on during their meeting in Mamallapuram on the outskirts of Chennai, India, October 12, 2019. India's Press Information Bureau/Handout via REUTERS

MAMALLAPURAM, India (Reuters) - India and China will set up a mechanism to tackle India’s galloping trade deficit with the world's second-biggest economy, a top Indian diplomat said on Saturday, following summit talks between Prime Minister Narendra Modi and President Xi Jinping.

Xi, who is visiting India, and Modi held several hours of one-on-one talks in a southern seaside Indian town, during which they discussed a range of economic issues, including India's $53 billion trade deficit with China in 2018/19, and ways to tackle it.

Indian Foreign Secretary Vijay Gokhale said at a press briefing that the deficit was a concern for India and the Chinese side was willing to address it. Xi welcomed Indian investment in pharmaceuticals and textiles, he added.

(Reporting by Sanjeev Miglani in MAMALLAPURAM; Additional reporting by Zeba Siddiqui; Editing by Shri Navaratnam)


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