Bali (Indonesia), Nov. 18 : Indian Prime Minister Dr. Manmohan Singh, who met Chinese Premier Wen Jiabao on the sidelines of the 19th Association of Southeast Asian Nations (ASEAN) Summit here on Friday, said New Delhi seeks a harmonious and cooperative relationship with Beijing and the two countries must cooperate on regional, bilateral and global issues.

"We are committed to developing the best of relations with China and our strategic and cooperative partnership. We are neighbours, also two large growing economies of Asia, we should cooperate on issues, regional, bilateral and global. And whenever we have worked together such as for example the climate change negotiations, we have had a positive impact on global stage," said Dr. Singh.

Dr. Singh was speaking during the delegation-level talks between India and China this morning.

Friday''s talks assume significance in the wake of India and China making rapid strides on the economic front, though the trade balance is in favour of China currently. Though India''s exports to China almost doubled between 2005-06 and 2009-10 from 6.7 billion dollars to 11.6 billion dollars, China''s exports to India during the same period tripled from 10.8 billion dollars to 30.8 billion dollars.

India currently has a trade deficit of 19.2 billion dollars with China. This deficit is close to the total gross domestic product (GDP) of a country like Tanzania and well above the total GDP of countries like Bolivia, Uganda and Ghana.

That this imbalance needs to be corrected in the years ahead is a given. The Chinese leadership has recognised this and is reportedly keen to increase the country''s imports from India. Both countries are looking at activating some major initiatives to redress this trade imbalance.

The Indian Prime Minister earlier in the day met United States President Barack Obama and the two leaders pitched for strengthening bilateral strategic ties and for enhanced cooperation at multilateral forums. (ANI)