The month of April was named to the informal meeting between Indian PM Modi and Chinese President Xi Jinping. Both came around a table and discussed over how to overcome the increasing tension on the border in Wuhan city. The world saw it as a major breakthrough after 73-day Doklam standoff. Both expressed their commitment to set up peace by resolving disputes.
Also, PM Modi also showed his strong belief in having better future in trade, if both countries would keep the interest of each other’s in the mind.
Implication on the world:
The world always looks for peace. India previously rejected to be China’s part of the Best and Road Initiative. The Indians are not in favour of putting its territorial integrity and sovereignty at stake. But, the tensions must be ironed out before turning into an irrecoverable rift, according to Indian PM. For it, the dialogues are a must-have. The improved bilateral trade will create a history for the world. And also, the 800 million youth of India would have a great opportunity to trade.
The Shanghai Corporation Organization (SCO) Summit:
It was the second visit of Indian PM to China since April. It was 2nd June when he went to the summit. The core of this bilateral talk was to discuss over the global action against the terror and how to boost up trade.
Indian IT and Pharmaceutical sectors have been willing to enter the Chinese market. Its entry will reduce the deficit which towered up to $51 billion in 2017. India’s envoy to China Gautam Bambawale said, “Some non-tariff disparities in China are there. They all should be eliminated.”
China is actually eyeing on more business from at least 100 countries, including India. But, it fears the protectionist policy of US president Donald Trump. Amid that, it has put that planning on hold. India made entry to its pharmaceutical market since it removed import duty as many as 28 medicines from May 1. It includes the drugs for cancer.
Apart from that, how to combat the massive threat of terrorism was a big issue to discuss over amongst China, Russia, Kazakhstan, Tajikistan, Uzbekistan, Pakistan and the observer bloc, including Afghanistan, Iran, Mongolia and Belarus.
Implication on the world:
The deepened ties between India and China in the areas of trade and investment will boost up bilateral cooperation. In the SCO summit, the regional connectivity project, like Chabahar port project in Iran and over 7200 Km long international North-South Transport corridor, took the limelight. It explicitly defines India’s desperation to boost up territorial connectivity and trade.
India held an anti-terrorism speech. It will definitely put pressure on the entire bloc of the summit to stand against the terror infrastructure operating from Pakistan and POK.
In all, the SCO summit brought politics, economic, security and cultural cooperation in the mainframe among the 8-member countries. Together, they all represent nearly 42% of the world’s population, 22% of the land, and 20% of the GDP of the world.