India-China trade relations warm under Trump's global trade war

India's relation with China on trade and investments had hit a wall last year. But, with the United States waging a global trade war, India has again offered to join hands with China. Prime Minister Narendra Modi on Friday, during his meeting with Chinese President Xi Jinping, in Wuhan, China,  talked about India’s economic engagement with the country .

"India and China acted as the engines for global economic growth for 1,600 years of the past 2,000 years." Modi said, adding the greater negotiation on the economic front is inevitable. India’s trade deficit with China was $51.11 billion in 2016-17. It remains India's largest import source and its third-largest export destination. Both nations signed an agreement in September 2014 to achieve bilateral trade balance by 2019. The programme is a joint medium-term road map for promoting trade and investment.

In March, both nations’ trade minister had talks in New Delhi, in which the Indian side was able to persuade China to give a commitment on accelerating market access for pharma products apart from agriculture commodities.

"I hope such informal summits become a tradition between both the countries. I'll be happy, if in 2019, we can have such informal summit in India." Modi said on Friday.

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