Both India and China on Wednesday yet again sought a pragmatic and reasonable solution to the vexed boundary question.

Prime Minister Manmohan Singh [Images] told Chinese President Hu Jintao on Wednesday evening that it was possible to seek a pragmatic and reasonable solution based on the guiding principles and political parameters discussed during Chinese Prime Minister Wen Jiabao's visit to India earlier this year.

Both leaders believed their nations needed to address the issue with great urgency.

• Complete Coverage: Prime Minister Singh in New York

Dr Singh and President Hu met on the margins of the United Nations Summit. Their discussions lasted 45 minutes.

President Hu noted this was the fourth meeting between them and asserted that India and China were not adversaries but partners.

He felt the India-China partnership would not only benefit Asia but the entire world.

Dr Singh referred to the economic relationship between the two countries and said despite trade between India and China improving, there was large unutilised potential, waiting to be tapped.

• Complete Coverage: Chinese Premier Wen Jiabao in India

Trade between India and China stood at $9.3 billion in the first six months of this year, an increase by 40 per cent over the last year.

With such growth, the leaders felt it was possible to double trade in the next couple of years instead of by 2008, which was agreed upon in the joint statement issued during Prime Minister Wen's visit.

President Hu noted that 2006 was the Year of Friendship between the two countries and said the series of celebrations planned to mark the occasion would bring India and China even closer.