Journalism of Courage
India and China have called for expeditious quota reforms of the International Monetary Fund IMF and stressed that multi-lateral lending agencies must increase their exposure to developing countries and have also agreed to strengthen coordination in policies.
Both sides recognised the importance of strengthened fiscal and financial cooperation in the expansion of bilateral trade and investment. The two sides agreed to maintain close communication,and work for more opportunities and better environment to enhance bilateral financial cooperation, said a joint statement issued after the 6th China-India Financial Dialogue in Beijing.
The two countries have been engaged in discussions on financial issues since a memorandum of agreement was signed between them in April 2005. Five rounds of dialogues have been held in April 2006,December 2007,January 2009,September 2010 and November 2011.
The seventh round of dialogue will be held in New Delhi in 2014. Financial regulators from the two countries also exchanged views on market access regulation policies for foreign banks,agreed to support banks to establish branches and subsidiaries in each others market.
Both sides are committed to pushing forward reforms in the international financial institutions and urge other countries to fulfill their commitment of implementing the 2010 IMF Quota and Governance Reform expeditiously and to complete the next general quota review by January 2014, the release also said.
Improving the voting share and representation of developing countries on the IMF Board has been a key agenda of the G-20 and other forums such as the BRICS. India currently has a voting share of 2.44 per cent in the multilateral institution. US has the highest voting share of 17.69 per cent. They also agreed to intensify cooperation with other BRICS members towards results on the initiatives on BRICS Development Bank and Contingency Reserve Arrangement.
