Chinese and Indian top lawmakers signed a document in Beijing Monday, officially launching regular exchanges between the two parliaments.

Wu Bangguo, chairman of the Standing Committee of China's National People's Congress (NPC), and Somnath Chatterjee, speaker of India's House of the People, signed a memorandum of understanding after an hour-long talk.

The two parliaments have agreed to hold official consultations once a year to discuss issues concerning parliamentary exchanges, according to the memorandum.

Sources with NPC Standing Committee said that China has similar arrangements with the United States, Russia, France, Germany, Italy, Japan, Canada and the European parliament.

The two legislators also reviewed the development of China-India relations, agreeing that the development of bilateral friendly ties serves the common interests of the two countries and will help promote peace, stability and development in Asia as well as the whole world.

"To promote good-neighborly friendly cooperative relations with India is our established policy," Wu told Chatterjee at the meeting.

He said China is ready to work together with India to intensify bilateral cooperation and improve coordination in international and regional affairs and to continuously strengthen bilateral strategic cooperative partnership.

In response, Chatterjee said the development of India-China ties is a common aspiration among the Indian government, parliament, parties and civil society.

The two also extolled parliamentary cooperation and agreed to maintain high-level visits and improve exchanges between the special committees of the two parliaments so as to promote bilateral ties.