‘China will work with India to find a satisfactory solution to the current issues’

Shringla, in his remarks at a symposium on “leveraging China’s economy”, also said that the incidents along the Line of Actual Control (LAC) in eastern Ladakh have “seriously disturbed” the peace and tranquility in the border areas. , and it has clearly had an impact on the wider relationship as well.

The Foreign Secretary also referred to External Affairs Minister S Jaishankar’s remarks that the ability of India and China to work together will determine the Asian century.

“For this, peace and tranquility in the border areas is necessary. He (Jaishankar) has also categorically stated that the development of our relations can only be based on reciprocity – mutual respect, mutual sensitivity and mutual interests should guide This process,” Shringla said.

“We hope that the Chinese side will work with us to find a satisfactory solution to the current issues so that our bilateral relations can progress, taking into account each other’s sensitivity, aspirations and interests,” the foreign secretary said.

The border standoff between the Indian and Chinese armies began on May 5 last year after violent clashes in the Pangong Lake areas and both sides gradually increased their deployment of thousands of troops as well as heavy weapons.

As a result of a series of military and diplomatic talks, the two sides completed a process of separation in the Gogra region in August and on the northern and southern shores of Pangong Lake in February.

According to sources, each side currently has around 50,000 to 60,000 troops along the Line of Actual Control (LAC) in the sensitive area.

In his remarks, Shringla also talked about issues of concern in China-India trade relations such as the increase in trade deficit and trade barriers.

“China is our largest neighbour. With its GDP reaching USD 14.7 trillion in 2020, China’s economy is the second largest in the world. In the shadow of the ongoing COVID-19 pandemic, China is the only major economy to register positive growth. of 2020.” he said.

Shringla said that as the largest contributor to world trade and our largest trading partner, it is imperative for us to have a better understanding of China’s economy.

He said India’s relations generally follow a positive trajectory since 1988 when contacts at the highest level between the two countries were re-established.

“We were engaged in developing a broad-based bilateral relationship. The progress of relations in this period was clearly based on ensuring that peace and tranquility were not disturbed. Areas of cooperation were not limited to bilateral, but regional And there were global dimensions too,” he said.

In the seminar organized by the Center for Contemporary, Shringla said that it was also recognized that relations between India and China are not only in the interest of our two countries but also in the interest of peace, stability and security in the region and the world. China Studies.

Shringla said the total trade volume between the two countries was around $88 billion last year, with bilateral trade reaching $90 billion in the first nine months of this year, a 49 percent increase over the previous year.

“At this rate, we are likely to achieve the highest ever bilateral trade between the two countries,” he said.

However, trade is imbalanced with a large trade balance in favor of China, Shringla said.

“Our trade deficit concerns are two-fold – first is the actual size of the deficit. The trade deficit for the nine-month period was USD 47 billion. This is our largest trade deficit with any country. Second, is the fact That imbalance continues to grow,” the foreign secretary said.

He added that there are many market access barriers including a whole host of non-tariff barriers for most of our agricultural products and sectors in which we are competitive, such as pharmaceutical, IT/ITES, etc.

“We have highlighted that the growing deficit and increasing trade barriers are a matter of concern. These have been regularly flagged at the highest level, most recently by our Prime Minister (Narendra Modi) and the Chinese President in Chennai in 2019. In the second informal summit between the two countries,” Shringla said.

He also said that the government stands by its commitment to make this trade relationship more durable and to take up these issues with the Chinese side at all appropriate occasions.

Shringla said developments since then, including the COVID-19 pandemic, have not been helpful in our efforts to address these concerns.

“Besides, the incidents along the LAC in eastern Ladakh have seriously disturbed the peace and tranquility in the border areas. This has clearly had an impact on the wider ties as well,” he said.

“Even as we continue to pursue these issues with China, we also need to work at home. That is why, Atmanirbhar Bharat – an India in which not only to help ourselves but also The ability to be a force for good in the international arena is important,” Shringla said.

He stressed that the digital economy is now an integral part of India’s growth story.

This story has been published without modification in text from a wire agency feed.