"Chinese President Xi Jinping and Indian Prime Minister Narendra Modi agreed on Friday to promote exchanges and mutual learning among civilizations to achieve joint development and prosperity", a statement released by official news agency, Xinhua said. It was followed by delegation level talks.
When queried on the escalating trade war between the US-China, and the likely impact on the Indio-China trade, Gokhale said that there was no direct bearing on India-China trade on what is happening between the US and China.
The Prime Minister said that, in the Wuhan Summit, both the countries decided not to allow any differences to become disputes and be prudently managed. The two leaders are set to hold more meetings on Saturday, where trade and business will be the main focus.
Without elaborating, Chinese President Xi Jinping said "we have engaged in candid discussions as friends", as they sat down for talks.
The US has asked its allies not to use Huawei equipment, which it says China could exploit for spying. China's proposal for major infrastructure building in Pakistan-occupied Kashmir as part of its Belt and Road programme has faced strong Indian opposition.
In the run-up to the informal summit, Indian officials had said that Modi will not raise the issue of Kashmir on his own, but could clarify Indian position if Xi sought a clarification.
According to India's Commerce Ministry, India's exports to China amounted to $13.33 billion in the 2018 financial year, compared with imports of $76.38 billion.
Modern rivalry between the world's two most populous countries dates back decades.
India and China fought a border war in 1962. He said both sides will remain sensitive to each other's concerns so that the relationship "will be a source of peace and stability in the world".
On commerce, India and China are both facing a protectionist United States and want greater access to each other's markets.
"India-China relations are not predicated to a single issue", Gokhale said, adding that the latest developments in Kashmir were an internal matter of India. "Prime Minister Modi said that he looked forward to this, but believed that there should be a balance between trading goods and services".
Modi gave Xi a guided tour of the Group of Monuments at Mahabalipuram, which was built during 7th and 8th century and includes Arjuna's Penance, Panch Rathas, Shore Temple and other monuments.
The United States has been lobbying strongly against letting Huawei spread its influence because of its alleged close links to the Beijing government.
Mr. Xi had invited Mr. Modi to visit China for a third 'informal summit and the Prime Minister had accepted the invitation, the Foreign Secretary added. "Both sides agreed to consolidate the strategic communication to enhance it at all levels to talk and share about any issue including between the two militaries", said Gokhale. Xi will visit Nepal on Saturday.