India-China Informal summit

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News:Chinese President and Indian Prime minister has held the second Informal Summit in Mamallapuram, Tamil Nadu on October 11-12.

Facts:

  • The first India- China informal summit had invoked the ‘Wuhan spirit’, whereas the second informal India-China summit has called for ‘Chennai Connect’.

Key takeaways from the summit:

  • India and China have decided to set up a high-level economic and trade dialogue mechanism.The mechanism will help boost trade and investments and improve trade balance that is currently heavily in favour of China.
  • The two countries also agreed that terrorism continued to pose a common threat and recognised the need to make joint efforts to ensure that the international community strengthens the framework against terror.
  • The countries reiterated the consensus reached during the first informal Summit in Wuhan to consider India and China as factors for stability in the current international landscape
  • They have also reached a consensus which was evolved in Astana in 2017 which said that differences should not become disputes between the two countries.
  • The two countries also agreed to support and strengthen the multilateral trading system such as WTO at a time when globally agreed upon trade practices and norms are being selectively questioned.
  • They have also agreed on the establishment of sister-state relations between Tamil Nadu and Fujian Province.
  • The leaders also agreed to designate 2020 as the Year of India-China Cultural and People to People Exchanges to celebrate the 70th anniversary of diplomatic relations.