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India-China Agreements on Green Technology and Banking Sector
Current Affairs Category: International | World, 2010 Current Affairs, December 2010 Current Affairs Current Affairs Week: 13 Dec 2010 To 19 Dec 2010 0ShareThisNewEmail0

India and China signed six agreements on 16 December 2010, in New Delhi during Chinese Prime Minster Wen Ziabaos 3-day visit to India.India and China signed four agreements in the areas of green technology, hydrological data of common rivers, cultural exchanges and media exchanges. Besides, India and China also signed two agreements in the banking sector. The first agreement was signed between RBI (Reserve Bank of India) and Chinese Bank Regulatory Commission and the second agreement took place between Export-Import bank of India and Chinese Development Bank. Key Features of India-China Joint Statement India and China decided to strengthen their strategic and cooperative partnership for peace and prosperity on the basis of the Five Principles of peaceful co existence. In that context, India and China decided to establish the mechanism of regular exchange of visits between the heads of both countries. Both sides decided to open the telephone hotline between the Prime Ministers of India and China. India and China also agreed on the exchange of visits between the foreign ministers of both nations. India and China agreed for establishing Strategic Economic Dialogue to increase economic cooperation as well as macro-economic policy coordination between them. India and China set a new bilateral trade target of USD 100 billion by 2015. Both nations agreed to promote greater Indian exports to China to bring down India's trade deficit. India welcomed Chinese companies to invest and participate in India's infrastructure development such as in roads, railways and in the manufacturing sector. India and China also constituted India-China CEO's Forum to improve on business issues and make recommendations on expansion of bilateral trade and investment cooperation b. India and China declared 2011 as the Year of India-China Exchange. The two sides further decided to encourage greater exchanges between the civil society organizations, youth, media, artists and cultural personalities. The two sides declared the establishment of the India-China Outstanding College Students Exchange Programme. India and China also agreed to follow the principles of the UN Framework Convention on Climate Change (UNFCCC) and its Kyoto Protocol. Both nations condemned terrorism in its all forms. They committed themselves to countering terrorism through joint efforts. India and China agreed to increase their cooperation within the framework of the East Asia Summit, the Asia-Europe Meeting, the Shanghai Cooperation Organization, the Russia-India-China trilateral cooperation mechanism and the South Asian Association of Regional Cooperation (SAARC). India welcomed China's contribution of 1 million US dollars for the Nalanda University. India and China expressed their commitment to promoting the multilateral arms control, disarmament and non-proliferation processes.

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