China and India issued a joint statement Monday highlighting their commitment to expanding common ground in bilateral cooperation and coordination in various fields.

The statement, released during Chinese Premier Li Keqiang's ongoing visit in New Delhi, said the two Asian giants have a historic opportunity for economic and social development and the realization of this goal will advance peace and prosperity in Asia and the world at large.

"The two sides welcome each other's peaceful development and regard it as a mutually reinforcing process," said the document. "There is enough space in the world for the development of China and India, and the world needs the common development of both countries."

While striving to realize the trade turnover target of $100 billion by 2015, the two countries agreed to take measures to address the issue of the trade imbalance, including cooperation in pharmaceutical supervision and completion of phytosanitary negotiations on agro-products.

The two sides also expressed willingness to carry out cooperation on establishing industrial zones so as to provide platforms for cluster-type development of enterprises of the two countries.

Moreover, they agreed to strengthen cooperation between their financial regulators, and support their banking institutions in setting up representative offices, branches or subsidiaries, and carrying out business activities subject to relevant laws and regulations.

To pursue mutual benefit and fulfill their international cooperation objectives, both China and India agreed to consider collaborating on development projects of common interest in third countries.

In view of the expanding trade and commerce and growing people-to-people contacts, the two sides also agreed to work towards simplifying visa procedures.

Noting that enhanced interaction in the military field was conducive to building mutual trust and confidence, they agreed to hold the next round of joint training exercises later this year and decided to increase exchanges between the Army, Navy and Air Force of the two countries.

As the Asia-Pacific region plays an increasingly important role in global affairs, the two sides agreed, the current priority of this region is to maintain regional peace and stability, promote regional common development, and establish an open, transparent, equal and inclusive framework of security and cooperation based on the observance of the basic principles of international law.

The two countries also reiterated their resolute opposition to terrorism in all its forms and manifestations and committed themselves to cooperate on counter-terrorism.

(Xinhua News Agency May 20, 2013)