India, Japan Eager To Boost Cooperation In Connectivity, Commerce & Other Sectors: PM Modi
Knitted with the heritage of Buddhism and other common cultural traits, India and Japan’s association has traditionally been strong, sharing a familiar commitment to democracy.
The two Asian countries also have a special relationship of Official Development Assistance (ODA) and as of 2017, the bilateral trade between India and Japan has stood up to USD 17.63 billion as per reports. Considering the high level of congruence India’s G20 presidency served as a productive talk between Narendra Modi and his counterpart Fumio Kishida.
Taking to social media to announce this, Indian Prime Minister Narendra Modi said that India and Japan are eager to enhance cooperation in connectivity, commerce and other sectors.
“Held productive talks with PM @kishida230.We took stock of India-Japan bilateral ties and the ground covered during India's G20 Presidency and Japan's G7 Presidency. We are eager to enhance cooperation in connectivity, commerce and other sectors.”
The bilateral talks with Japan’s PM were focused on enhancing connectivity, commerce and other sectors' cooperation. The leaders exhibited their resolve to deepen the bilateral relationship on the economic front as well.
Earlier Discussion At G7 Summit
PM Modi met his Japanese counterpart in Hiroshima, where he attended the G7 summit earlier this year. The visit gave the Prime Minister insights on various subjects such as peace, stability, food, fertilizer, energy security, health, gender equality, climate and environment changes, resilient infrastructure; and development cooperation. The discussion was focused on the planet's prosperity and sustainability.
Bilateral Treaties And Agreements
This is the first time that the G20 Summit is taking place under India’s presidency which is likely to boost Japan and India’s commitment to a free and open Indo-Pacific aims developing economic cooperation and encouraging people-to-people interactions. Meanwhile, the two countries tied with the common objective of global peace have several bilateral treaties and agreements between them.
Economic Relations
In recent years economic relationship between Japan and India has also steadily deepened. India was the 18th largest trading partner for Japan, and Japan was the 13th largest trading partner for India in 2021. Also, direct investment from Japan to India has increased, and the country stood as the 5th largest investor for India in FY2021.
