India, China private sector inks 129 MoUs ahead of Modi-Xi Jinping meet

India has time and again raised the issue of widening trade deficit with China, which stood at over $50 billion in 2018-19.

A day ahead of the meeting between Prime Minister Narendra Modi and Chinese President Xi Jinping, 129 memoranda of understanding were signed between the private sector of both the countries for exports of various products such as chemicals, plastics, pharma, and fertiliser.

At Ficci’s India-China Meeting and Signing Ceremony, Zhu Xiaohong, counsellor, Embassy of China, said the imbalance in trade in goods between the countries has been one of the factors troubling economic cooperation.

“To make it clear, China has never deliberately pursued trade surplus. China is fully aware that balanced trade is sustainable and beneficial to both sides,” she