Describing its relationship with China as an 'important determinant for regional and global peace, India on Friday said it seeks all-round development of ties with the neighbouring country without allowing the outstanding differences to define the agenda.

External Affairs Minister Pranab Mukherjee, who is on a three-day visit to Thailand, said China was a foreign policy priority for India and partnership between the two countries was crucial for Asia's emergence as the political and economic centre of the new international order.

He spelt out India's keen interest to develop ties with East Asian and South East Asian countries, with particular focus on strengthening trade, economic, defence and transport linkages.

"As India's largest neighbour and a key emerging player in the international arena, China remains an important priority of our foreign policy and a key component of our Look East Policy," Mukherjee said while delivering a lecture on India's Look East Policy: Implications for Thailand and South East Asia.

Noting the rapidly growing trade and economic exchanges between India and China, he said this was a pointer to the fact that the two countries are constantly engaged in mutually rewarding pursuits on the basis of a wide array of complementarities.

 "Frequent high level visits have further contributed to developing mutual trust and understanding," Mukherjee said.

Mukherjee said some degree of healthy competition between the two countries was inevitable, particularly in the area of trade and commerce. "But we believe that there is enough space and opportunity in the region for both India and China to grow together," the minister added.

"In our view, the India-China partnership is an important determinant for regional and global peace and development, and for Asia's emergence as the political and economic centre of the new international order," Mukherjee said.

Referring to the differences between the two countries, including the boundary issue, he said, "The basic paradigm of our approach is to seek an all-round development of ties, without allowing these differences to define the agenda of the relationship.

India, he said, remains committed to 'pro-actively' addressing these differences through peaceful dialogue on an 'equal footing". India also attaches high priority to strengthening relations with Japan [Images], South Korea, Thailand and other countries of the region, both individually and under multilateral fora like ASEAN, BIMSTEC and Mekong Ganga Cooperation, said Mukherjee.