India-China relations moving towards normalcy: Piyush Goyal

At present, Foreign Direct Investment (FDI) applications from countries sharing land borders, such as China, have to mandatorily seek government approval for all sectors. This policy was issued in April 2020 as Press Note 3 (PN3).

New Delhi: Commerce and Industry Minister Piyush Goyal on Tuesday said India-China relations are gradually moving towards normalcy, noting that as border issues get resolved, easing of tensions is a natural consequence.

At the meeting held on the margins of the Shanghai Cooperation Organisation (SCO) summit, Modi and Xi agreed to work towards a "fair, reasonable and mutually-acceptable" solution to the India-China border issue, and pledged to expand trade and investment ties, recognising the role of the two economies to stabilise global trade.

"This was an SCO summit, where all the SCO members participated. We had a problem in Galwan, due to which we had a blip in the relationship. As the border gets resolved, I think the situation getting back to normal is a very natural consequence," Goyal told reporters when asked if with India and China resetting their relationship, is there a scope for relaxations in PN3.