Here's all about NITI Aayog and Chinese Think Tank DRC's Business Dialogue in Wuhan
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Targeting the areas of development in the trade sphere, Niti Aayog and Development Research Centre of the state council of the People’s Republic of China had undertaken a joint research in the areas of WTO reform and urbanization, whose preliminary findings were presented at the Fifth Dialogue as a key deliverable.
Concerned Areas of the Discussion
Senior delegates of the Chinese and Indian administration, representatives of the governments, academia and enterprises participated in the dialogue. The dialogue comprised of various business sessions based on the economic development which included sessions on the global economy, globalisation and macroeconomic policies in China and India, innovation and development, and potential for Sino-India trade and economic cooperation.
After detailed presentations and in-depth discussions, both sides affirmed their commitment to build a more inclusive global economic architecture and implement fair and reasonable trade rules, taking into account the need for safeguarding the interests of developing and less-developed nations.
Both parties prioritized the promotion of sustainable urbanization, development of Smart Cities, infrastructure and green transportation. Aiming at boosting the economy , both sides agreed to explore synergies in tourism, health sector, culture, language and people-to-people exchanges, and learn from respective best practices and create favourable conditions for facilitating ease-of-doing business by giving impetus to outbound and inbound investments.
This has been the first ministerial meeting between India and China administration after the informal meet between Chinese President Xi Jinping and Indian Prime Minister Narendra Modi in Chennai. The Chinese delegation was led by Ma Jiantang, Party Secretary of DRC, and the Indian by Dr Rajiv Kumar, Vice- Chairman of NITI Aayog.
There have been 5 formal dialogues between the Indian and Chinese delegates for economic development and uplifting the business sectors. The sixth dialogue between both sides is planned to be convened in India in the second half of November 2020.
Affirming to reform the trade rules and economy of the nations, both sides would put efforts to boost the economy which in turn will raise the employment percentage in the country.
To bring high-quality development in the work areas, the two sides decided to strengthen knowledge sharing and mutual learning in high-technology, digital economy, fiscal policy and jointly address the challenges arising from the environment and income gaps.