After a series of talks following the deadly confrontation that took place at the Galwan Valley on the 15th of June, tensions seem to easing at the border between India and China.

China's foreign ministry has said that both countries have agreed to take steps to cool down the situation at the border through dialogue and consultation.

Sources in the Indian Army also confirm that the Corps Commander level talks that took place on the 22nd of June were held in a cordial and positive atmosphere. It is also learnt that both sides have agreed on a mutual consensus to disengage from areas of friction.

However, China's foreign ministry has dismissed reports that Chinese troops suffered 40 casualties during the face-off, and called it "fake news".

Meanwhile, chief of army staff general Manoj Naravane visited the soldiers who were injured during the Galwan Valley clash. The general is on a two-day visit to Ladakh to review the situation on the ground. He will also take stock of the progress being made in talks with the Chinese military.

India continues to explore options to reduce economic ties with china. Sources tell CNBC-TV18 that the Department for Promotion of Industry and Internal Trade (DPIIT) has now prepared a new list of 1,172 items imported from China - these items range from electronics, to consumer goods, to auto components, to industrial materials. The department has sought India Inc's views on imposing import restrictions on these items.

The central government's procurement portal 'Government e-Marketplace' has made it mandatory for sellers to display the country of origin on their products.

The portal has also enabled a provision for an indication of the percentage of local content in products.

US has called China a rogue actor in the South China Sea region. Since January this year, we have seen a series of moves by China - from sinking a Vietnamese fishing boat to harassing a Malaysian drilling vessel and also entering Indonesia's exclusive economic zone. The US has deployed three aircraft carriers in the Pacific for the first time in three years.

To discuss this, Parikshit Luthra spoke to Michael Kugelman Senior Associate - South Asia at Wilson Centre, Kent Calder Vice-Dean - International Research at John Hopkins School of Advanced International Studies and PS Raghavan Chairman of NSAB and former Ambassador to Russia.