Why in News?

• The sixth India-China Strategic Economic Dialogue (SED) came to a conclusion with both sides agreeing that the SED has emerged as a crucial mechanism to facilitate bilateral trade and investment flows and enhance economic cooperation between the two sides.

Highlights:

• The SED was set up in the year 2010 between the erstwhile Planning Commission of India and the National Development and Reform Commission (NDRC), China
• The SED has since then served as an effective mechanism for enhancing bilateral practical cooperation.
• NITI Aayog after its formation has taken the Dialogue forward giving it a greater momentum.
• Under the aegis of the SED, senior representatives from both sides come together to constructively deliberate and share individual best practices and identify sector-specific opportunities for enabling ease of doing business and facilitating trade and investment.

Mutual Agreements:

Policy Coordination:

• The two sides undertook in-depth discussions reviewing trade and investment climates in order to mutually identify complementarities and harness synergies to this effect future engagement.

Working Group on Infrastructure:

• The two sides noted the significant progress made in the feasibility study on Chennai-Bangalore-Mysore railway upgradation project and personal training of Indian senior railway management staff in China, both of which have been completed.
• The two sides agreed to identify new projects for cooperation as well as support enterprises to expand cooperation in the transport sector.

Working Group on High-Tech:

• The two sides assessed the achievements made since the 5th SED and exchanged views on regulatory procedures of ease of doing business, development of artificial intelligence, high-tech manufacturing, and next-generation mobile communications of both countries.

Working Group on Resource Conservation and Environmental Protection:

• The two sides discussed and reviewed the progress made in the fields of water management, waste management, construction & demolition waste and resource conservation.

Working Group on Energy:

• Both countries identified future areas of collaboration and resolved to work on Renewable Energy space, Clean coal technology sector, Smart Grid & Grid integration and Smart meters & E-mobility sectors.

Working Group on Pharmaceuticals:

• It was also decided that both sides should promote pragmatic cooperation, strengthen complementary advantages in pharmaceutical industry and explore cooperation for promoting Indian generic drugs and Chinese APIs.