NEW DELHI, India — India and China have reached a deal on patrolling their disputed frontier to end a four-year military stand-off, the Indian foreign minister said Monday, paving the way for improved political and business ties between the Asian giants.
India’s tougher vetting of all Chinese investment after the clashes effectively turned away billions of dollars from the likes of carmakers BYD and Great Wall Motor, and added more red tape in Indian companies’ interactions with Chinese stakeholders.
However, Indian imports from China have surged 56% since the 2020 border clash, nearly doubling New Delhi’s trade deficit with Beijing to $85 billion.
China remains India’s biggest source of goods and was its largest supplier of industrial products last year.
Asked about the impact of Monday’s pact on trade with and investment from China, Jaishankar said: “It has just happened.
Persons:
Narendra Modi’s, Xi Jinping, Subrahmanyam Jaishankar, ”, Modi, Xi, Deependra Singh Hooda, carmakers BYD, Jaishankar
Organizations:
Indian, NDTV, ” Authorities
Locations:
DELHI, India, China, Russia, Ladakh, Beijing, New Delhi