In a further boost to India’s 'Act East Policy’ Prime Minister Narendra Modi and his Japanese counterpart Prime Minister Shinzo Abe on Monday agreed to start a 2+2 Ministerial Dialogue.
In a further boost to India’s ‘Act East Policy’ Prime Minister Narendra Modi and his Japanese counterpart Prime Minister Shinzo Abe on Monday agreed to start a 2+2 Ministerial Dialogue. And the two countries inked currency swap agreement worth $75 billion.
The 2+2 dialogue will involve the defence and foreign affairs ministers who will work towards peace and stability in the world.
Modi and Abe held delegation-level talks Monday during which the two leaders discussed a range of bilateral, regional and global issues including the situation in the Indo-Pacific region. At the end of delegation level talks several agreements in areas ranging from high-speed railways to cyber security were inked.
While agreeing to oppose protectionism in trade, the two leaders in a joint statement released at the end of talks said that the Swap agreement should aid in bringing greater stability to foreign exchange and capital market.
Welcoming Narendra Modi to Japan, Shinzo Abe said the relationship between two countries will enter a new phase. And said that Modi’s leadership not only helped India but also the entire Asian region.
“Without the cooperation between India and Japan, the 21st century cannot be an Asian century,” Modi said in a joint address to the media with Japanese Prime Minister Abe at the annual bilateral summit in Tokyo.
Modi reiterated that the bilateral ties between India and Japan dates back to a time in history when both countries shared strong civilization values.
The two leaders agreed that from digital partnership to cyberspace, health to defence and from oceans to space, both sides will strengthen their partnership.
With the Japanese investors announcing that they will invest $2.5 billion in India, Modi said that this will help in boosting employment.
During the 13th Summit, the two leaders welcomed the inking of Implementing Arrangement for Deeper Cooperation between the Indian Navy and the Japan Maritime Self-Defense Force (JMSDF) and commencement of negotiations for the Acquisition, Cross-Servicing Agreement (ACSA).
These two documents will enhance the strategic depth of the relationship. As reported earlier, cooperation between India and Japan on defence equipment and technology holds immense scope and potential for future bilateral collaborations.
For boosting regional connectivity, Japan and India will work together in third countries like Bangladesh.