New Delhi: The much-talked-about Second Informal Summit between Prime Minister Narendra Modi and Chinese President Xi Jinping that took place in the historic city of Mamallapuram from October 11 to 12, marked a new are of Indo-China bilateral relationship.

During the two-day event, both the leaders held delegation-level talks and face-to-face talk on a wide range of issues to strengthen the bilateral relationship.

Both the leader on the second and final day of the summit agreed to set up a new mechanism for issues related to trade and investment and felt the two countries should cooperate on important regional and global issues.

Saying that China is ready to take concrete measures to reduce the trade deficit, President Xi assured that India’s concerns over Regional Comprehensive Economic Partnership (RCEP) will be discussed in the days to come.

On the other hand, PM Modi deliberated on ‘Chennai connect’ and said it will mark for a new era of cooperation between India and China. “The Wuhan spirit had given new momentum and trust to our ties. A new era of cooperation will begin today through the Chennai Connect’, PM Modi said.

Both the leaders also agreed that the two countries need to look to the future and should work together to deal with the issue of terrorism.

During their talk, both the leaders decided that the year 2020 would be designated as the year of India-China Cultural and People to People Exchanges.

A statement from the MEA stated that both leaders agreed that the 70th anniversary of the establishment of India-China relations in 2020 will be celebrated to strengthen the bilateral relationship.

“To celebrate the 70th anniversary of diplomatic relations the two countries will organise 70 activities including a conference on a ship voyage that will trace the historical connection between the two civilizations,” an official statement from MEA said.

During the talk, it was also decided to establish a High-Level Economic and Trade Dialogue mechanism to enhance trade and commercial relations.

“They have also agreed to encourage mutual investments in identified sectors through the development of a Manufacturing Partnership and tasked their officials to develop this idea at the first meeting of the High-Level Economic and Trade Dialogue,” it added.

There is no doubt that the informal summit has deepened the ties between the two countries with PM Modi taking the Chinese President on a guided tour of UNESCO World Heritage Sites like Arjuna’s Penance, Krishna’s Butter Ball, Pancha Rathas and the Shore Temple in Mamallapuram on the first day. Pm Modi also showed his spirit and bonhomie by hosting a south Indian traditional dinner for Xi on Friday night and lunch on Saturday afternoon.

Early in the morning on Saturday, the two leaders took a stroll along the Mahabalipuram beach and had a discussion also. Meanwhile, it was decided that the third informal summit will be held in China. And PM Modi has accepted the invitation to visit China for a third informal summit next year.