New Delhi (CNN) Indian Prime Minister Narendra Modi and Chinese President Xi Jinping have agreed to strengthen communications and maintain peace along the two countries' shared border, following the conclusion of a two-day "informal" summit held in the central Chinese city of Wuhan.

"The two leaders underscored the importance of maintaining peace and tranquility in all areas of the India-China border region in the larger interest of the overall development of bilateral relations," read a joint statement issued by the Indian Foreign Ministry.

The announcement comes less than a year after the two regional powers became locked in a tense 72-day military standoff in the disputed border region in the India-China-Bhutan "trijunction."

The incident was the latest in a long-running series of territorial flare-ups between the two nuclear-armed neighbors. In 1962, China and India engaged in a bloody border war, and skirmishes have continued to break out sporadically in the decades since.

Saturday's statement outlined proposals intended to strengthen direct lines of communication between the two nations' militaries, "in order to build trust and mutual understanding and enhance predictability and effectiveness in the management of border affairs."