India, China to set up task force to address trade deficit

India and China are in talks to set up a special task force which will be tasked with addressing the trade deficit between the two nations.

Prime Minister Narendra Modi, who held restricted talks with Chinese Premier Li Keqiang, stressed on bridging the trade deficit with China, which is said to be to the tune of USD 38 billion.

"We have set a high-level of ambition for our economic partnership. We see enormous bilateral opportunities and many similar challenges, like urbanisation," the Prime Minister said, while making his statement to the press after the two countries had signed a record 24 agreements worth around USD 10 billion.

Later, Foreign Secretary S Jaishankar, while addressing the media, shared that India and China will set up task force to look into the same.

According to reports, India's exports to China were calculated at USD 11.95 billion, while imports were USD 60.39 billion in the financial year in 2014-15.