China keen on bilateral investment pact with India

New Delhi: China is keen on a bilateral investment treaty (BIT), addressing the trade deficit and setting up industrial parks in India and has sought India’s cooperation on matters of common interest at the recently-held Joint Group on Economic Relations, Trade, Science and Technology.

“China expressed interest in increasing investments in India and highlighted the BIT,” said a government source aware of the development, adding that further discussions would be held with the Department of Economic Affairs. The China-India BIT came into force in August 2007 and was terminated in July 2017 after India asked partner nations to renegotiate on basis of the new model text.

Discussions took place on March 26 when Chinese minister of commerce Zhong Shan co-chaired the 11th meeting of the India-China joint group with commerce and industry minister Suresh Prabhu. The source noted that “though India was trying for a meeting for very long, the Chinese side confirmed it only a month ago.”