After reports that an India-China financial dialogue set for next week was cancelled, the finance ministry said the meeting will take place, though it has been rescheduled.
Union minister Arun Jaitley, who is on a five-day visit to China, is expected to meet with his Chinese counterpart Lou Jiwei for the eighth financial dialogue to boost bilateral trade.
The meeting, which was originally scheduled for June 27, has been postponed to July as economic affairs secretary Shaktikanta Das, who was to accompany Jaitley, has stayed back to deal with a possible negative fallout from the Brexit referendum, PTI reported.
So far, both countries have participated in seven rounds of financial dialogues, all headed by the finance secretaries of both sides. Next week’s meeting was to be the first time the dialogue advanced to a ministerial level.
“This is the first time it was elevated to level of Finance Ministers of both countries. The seventh dialogue was held in New Delhi in 2014. It was officially circulated earlier that the dialogue would be held between the two ministers on June 27,” an earlier PTI report said.
The development comes during a diplomatic spat between the two countries over China’s strong reluctance to allow New Delhi entry into the Nuclear Suppliers Group (NSG). China virtually ruled out India’s NSG accession on Wednesday, reiterating that the inclusion of countries which have not signed the Nuclear Non-Proliferation Treaty (NPT) were not on the meeting agenda.
Jaitley is in China to attend a meeting of the Beijing-led Asian Infrastructure Investment Bank (AIIB) of which India is founding member, and will address a high-profile business forum on Friday.
The financial dialogue between India and China will boost bilateral efforts to expand business and investment ties between the two countries.
Chinese companies are looking at India as a lucrative market and Beijing could be a source for New Delhi to bridge investment gaps in infrastructure.
(with inputs from HTC, New Delhi)
(An earlier PTI copy said the meeting between the FMs has been cancelled. The agency later withdrew the report and said talks have been rescheduled)