PM Modi meets Chinese President; discuss ways to reduce bilateral trade imbalance (update- Modi)

During his meeting with Chinese President Xi Jinping, Prime Minister Narendra Modi called for enhanced Chinese investment in India's infrastructure sector, and hoped that the existing trade imbalance between the two countries is resolved along more equitable lines.

Modi, who met President Xi Jinping on the sidelines of the VIth BRICS Summit in Fortaleza, Brazil, also suggested the addition of one more route for the Kailash-Mansarovar Yatra, keeping in view terrain difficulties. President Xi Jinping accepted this as a suggestion for consideration.

President Xi Jinping also agreed that a balance in trade is necessary for a sustainable economic relationship. He also said enhanced services exports from India to China could be one way to address the issue.

The two leaders further observed that India and China had enormous opportunities to not only forge mutually beneficial partnerships, but also serve as catalytic agents of Asian and global prosperity.

The two leaders said they were pleased with the opportunity to meet within a few weeks of the assumption of office by Prime Minister Modi.

They expressed satisfaction at the high momentum of bilateral engagement during the past few weeks, including the visit of Vice-President of India Hamid Ansari to China and the visit of Chinese Foreign Minister Wang Yi to India as President Jinping's Special Envoy, in June.

Both sides emphasized on the need to find a solution to the Boundary Question.

Prime Minister Modi stressed the importance of strengthening mutual trust and confidence, and maintaining peace and tranquility on the border.

He said that if India and China could amicably resolve the Boundary Question, it would set an example for the entire world, on peaceful conflict resolution.

China has invited India to attend an APEC meeting in November this year. President Xi Jinping also said India should deepen its engagement with the Shanghai Cooperation Organization (SCO).

The Prime Minister said India currently has observer status in the SCO, and was ready to accept additional responsibility, if asked to.

Modi warmly recalled his visits to China as the chief minister of Gujarat. He underlined that relations between countries are built on the strength of relations between their people. He expressed hope for increase in tourism and ties between the people of the two ancient civilizations.

The Prime Minister expressed hope that President Xi Jinping's planned visit to India this year was an opportunity to chart a new and ambitious agenda for the strategic partnership between India and China.

He expressed appreciation for the invitation extended to him to visit China and looked forward to an early visit.