India and China today inked 12 MoUs, including the ones on opening new route for Kailash Mansarovar Yatra, bringing the total to 15 agreements signed during the ongoing visit of Chinese President Xi Jinping. The agreement on China opening new route for Kailsah Mansarovar Yatra was inked by External Affairs Minister Sushma Swaraj and her Chinese counterpart Wang Yi.
The pact provides for conducting the annual pilgrimage through Nathu la Pass in Sikkim addition to the existing Lipulekh Pass in Uttarakhand. The route through Nathu la would augment the capacity and reduce the hardship and journey time, enabling many more pilgrims, in particular aged pilgrims, to undertake the Yatra, the Ministry said, releasing the list of agreements. The next MoU inked today is for enhance cooperation in the Railway sector in following areas: speed-raising, studying feasibility of cooperation in high-speed railways, heavy-haul transportation training of Indian Railway personnel, re-development of railway stations and setting up of a railway university in India. Besides the Railway Ministry and the National Railway Administration of China agreed on an action plan for strengthening cooperation in railways in specific projects. The fourth agreement is five-year Trade and Economic Development Plan which lays down a medium-term road map for promoting balanced and sustainable development of economic and trade relations between China and India on the principle of equality and mutual benefit.
The main objectives of the plan are reduction of bilateral trade imbalance; strengthening investment cooperation to realise 20 billion dollar investment from China in five years; providing a transparent, stable and investor friendly business environment; and enhanced cooperation between Chambers of Commerce and financial sectors. The two countries also agreed to Minutes of the Tenth Session of India-China Joint Economic Group. The tenth session of the India-China Joint Group on economic relations, trade, science and technology was held in Beijing on September 2, 2014.
Both sides held detailed discussions on issues to promote broad and deep bilateral trade and economic cooperation between India and China and agreed to undertake measures to achieve sustainable and balanced trade.
Specific measures to enhance market access to Indian products such as agricultural, pharmaceutical and export of services would be expedited.
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