India, China to Sign Pacts Worth About $10 Billion Today

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India, China to Sign Pacts Worth About $10 Billion Today

Prime Minister Narendra Modi climbing down the steps of Air India One on arrival in Shanghai.

Beijing:  India and China are expected to sign several business agreements worth about $10 billion today in Shanghai, where Prime Minister Narendra Modi will meet top Chinese CEOs and address the India-China Business Forum.

The Prime Minister flew to Shanghai on Friday evening from Beijing, where he held talks with Chinese Premier Li Keqiang.

He will meet 22 CEOs of top Chinese business houses in Shanghai, before he addresses the business forum. The event will be attended by the heads of a number of Indian and Chinese business houses.

Sources say more than 25 business agreements will be signed between the two countries today.

Trade is the a key focus of PM Modi's three-day visit to China. In Beijing yesterday, he said in an address at the Tsinghua University, "During President Xi's visit last September, we set for ourselves a new level of ambition for our cooperation. Partnership in modernising Indian railways, two Chinese industrial parks in India, commitments of 20 billion dollars in investments into India over the next five years partnership in our 'Make in India' Mission: This is the shape of our future."

"In Shanghai, we will see the agreements on the first of those partnerships between our industries," he had said.

He stressed that to maintain an economic partnership, "we must also improve the access of Indian industry to the Chinese market. I am encouraged by President Xi's and Premier Li's commitment to resolve this problem."

The trade imbalance between the two countries has figured high on the agenda in discussions between the two countries. The trade deficit between India and China increased about 34 per cent, to $48.43 billion in 2014-15 from $36.21 billion in the previous fiscal, in China's favour.
 

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