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Washington, April 28: The International Monetary Fund (IMF) on Thursday reported that India and China relation is important for the world as the partnership between India and China, which is currently responsible for half of the global growth, is important for the world. IMF officials also said that well-implemented trade agreements can contribute to economic prosperity for all concerned.
IMF officials said, “The IMF has always supported an open trade system, as trade has been an engine of growth for the global economy. The objective of open trade conducted under fair rules that are well enforced is a shared objective.”
While speaking to PTI, Tao Zhang, Deputy Managing Director of the International Monetary Fund said, “Global cooperation and pursuing the right policies can help achieve strong, sustained, balanced, and inclusive growth. India and China are currently responsible for half of the global growth, so a strong economic partnership between these two large economies is very important – for their people and for the world. Economic integration has been an important source of global economic growth, poverty reduction, and welfare gains, especially for Asia.”
Zhang also added by saying that the “Emerging economies need to reduce financial vulnerabilities by strengthening corporate and banking system health while using the exchange rate as a shock absorber.” He added: “Commodity exporters should continue adjusting to lower prices. Structural reforms are needed to boost potential growth.”
China and India are the two most developing countries across the world. They are the fastest growing countries in the economic world. China and India relation are also known as Sino-Indian relations. Growth in diplomatic and economic influence has increased the significance of their bilateral relationship. China became the India’s largest trading partner. China and India are the two countries who are strengthening the contribution of trade to economies.
(with inputs from PTI)
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