New Delhi: China's International Trade Representative and Vice Minister of Commerce, China, Wang Shouwen on Friday said that the business relationship between New Delhi and Beijing is growing very fast.

He further said that both countries have a lot of space for bilateral cooperation.

The minister talked about the business ties between India and China at the B20 Summit in the national capital today.

"...We hope more businesses from China could come to India to do business here on an equal basis...India and China have a lot of space for bilateral cooperation. We hope the Chinese companies will be treated on an equal basis without being discriminated against," the Chinese minister said.

The theme of B20 Summit India is ‘R.A.I.S.E - Responsible, Accelerated, Innovative, Sustainable and Equitable Businesses’.

The Business 20 or B20 was formed in 2010 and is the official G20 dialogue forum with the global business community. B20 aims to deliver concrete actionable policy recommendations on the priorities of each rotating presidency to spur economic growth and development.

India and China have been in a stand-off situation for the last three years and relations at all levels have deteriorated due to tensions on the Line of Actual Control (LAC). The two sides have held 19 rounds of talks so far to address the boundary issues in eastern Ladakh since 2020, post the Chinese aggression there.

Recently on the sidelines of the 15th BRICS Summit in Johannesburg, South Africa, Prime Minister Narendra Modi was spotted having a brief exchange of words with Chinese Premier Xi Jinping. They were pictured having a brief conversation before taking their designated seats.

Notably, in November 2022, Prime Minister Narendra Modi chanced upon Xi at the G20 dinner hosted by Indonesian President Joko Widodo in Bali, Indonesia.

Meanwhile, at the B20 Summit here in India, South Korean Minister for Trade, Ahn Duk-geun also had something to say.

"It was great. The G20 Meeting becomes more and more important when we have a G20 Meeting every year. This is a symbolic occasion for private-public partnership," the South Korean minister said.

"Particularly this year in India, it drew huge attention. I think this is a big success," he said as he attended the Summit.

Indian economy is currently ranked fifth and is behind the US, China, Japan, and Germany. In 2014 when Narendra Modi was sworn in as the Prime Minister, India was the 10th largest economy. In 2022, India became the fifth-largest economy overtaking the UK.