India-China bilateral trade hit a new record in 2023: Envoy.

Syllabus: GS-II

Subject: International Relations

Topic: India & its neighbourhood.

Issue: India-China relations.

Tags: #India-China #Panchsheel #Bilateral_Trade.

Context: India-China bilateral trade reached a record high in 2023, surpassing $136.2 billion despite mid-year slowdowns.Key Points:

  • India’s exports to China increased by 6%.
  • Despite trade growth, there’s a 16-month absence of a Chinese Ambassador to Delhi, no direct flights, and lingering tensions at the Line of Actual Control (LAC).
  • No direct reference was made to LAC tensions; instead, the focus was on the 70th anniversary of the India-China Panchsheel agreement, emphasizing peaceful coexistence.

Prelims Connect:

The Panchsheel Agreement: (70th Anniversary):

Signed in 1954 between India and China, embodies five principles of peaceful coexistence:

1.      Mutual respect for territorial integrity and sovereignty

2.     Mutual non-aggression

3.     Mutual non-interference

4.     Equality and mutual benefit

5.     Peaceful coexistence.

·         It was a key aspect of Nehru’s Hindi-Chini-Bhai-Bhai (India-China Brotherhood) agenda.

·         The agreement aimed to resolve disputes peacefully, but tensions resurfaced over territorial issues, leading to the 1962 Sino-Indian War.

·         Despite its strain, the Panchsheel Agreement remains significant in the history of India-China relations.

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