Modi-Xi agree on setting up new mechanism for trade, investment

New Delhi, Ocr 12: Emphasising on the importance of having rules-based global trading system, Prime Minister Narendra Modi and Chinese President Xi Jinping on Saturday held talks on a wide range of issues.

The second and final day of the informal summit was held at a tranquil beach resort overlooking the Bay of Bengal in Kovalam.

Both leaders agreed to set up a new mechanism for issues relating to trade and investment. Xi reportedly said that China is ready to take concrete measures to reduce trade deficit Foreign Secretary Vijay Gokhale said the new mechanism will be set up for issues relating to trade and investment.

The meeting at the magnificent Shore temple complex under a sea-facing colourful tent went beyond the scheduled time as both leader touched upon a range of issues.

Building on the 'Wuhan spirit', the prime minister spoke of "Chennai connect" for a new era of cooperation between India and China. FS Gokhale said a new mechanism will be set up for issues relating to trade and investment

On Friday, Modi and Xi held a two-and-a-half-hour "open and cordial" one-on-one discussion over dinner, vowing to jointly combat terrorism and radicalisation, and expand bilateral trade and investment.

Modi said after around five-and-half hours of one-on-one talks with Chinese President Xi Jinping spread over two days in this ancient coastal town as part of the second informal summit. Xi said their "candid", "heart-to-heart" discussions on bilateral relations were "in-depth" and "good", noting that maintaining and expanding the Sino-India relations is a firm policy of his government.

Meanwhile, India has announced a five-year tourist e-visa with multiple entry facility for Chinese travellers, coinciding with President Xi's visit.