Cultural managements

Modi and Kishida seek to boost economic and cultural ties at India-Japan summit

Prime Minister Narendra Modi and his Japanese counterpart Fumio Kishida during the annual India-Japan summit talks in New Delhi on Friday “discussed ways to strengthen economic and cultural ties between the two countries”.

The announcement came after the Japanese Prime Minister, who is on a two-day visit to India to attend the 14th annual India-Japan Summit, held bilateral talks with Prime Minister Modi at Hyderabad House in Delhi on Sunday.

Prime Ministers reaffirmed their commitment to uphold and strengthen the rules-based multilateral trading system, with the World Trade Organization (WTO) at its center, and to work closely together to achieve meaningful results at the 12th WTO Ministerial Conference (MC12) . They shared their opposition to coercive economic policies and practices that go against this system and pledged to work collectively to foster global economic resilience against such actions.

They noted that since the elevation of the bilateral relationship to a special strategic and global partnership, there has been a significant growth in economic cooperation. They expressed satisfaction that the investment target of 3.5 trillion yen announced in 2014 had been achieved. Noting the steps taken by India to improve the business environment for Japanese investors in India, as well as other measures aimed at boosting economic growth and improving the ease of doing business, they expressed their common intention to achieve 5 trillion yen of public and private investment and financing from Japan to India in the next five years, to fund appropriate public and private projects of mutual benefit.

Prime Minister Modi welcomed various initiatives taken by Japan to enhance economic cooperation with India, especially in the areas of micro, small and medium-sized enterprises (MSMEs), manufacturing and supply chains.

The two Prime Ministers also confirmed that they were working together for reliable, resilient and efficient supply chains in the region and welcomed progress in this regard in areas such as the sharing of best practices. They highlighted the importance of collaboration to combat illicit technology transfers, build resilient supply chains and strengthen critical infrastructure protection, including through the Quad.

They welcomed the renewal of their $75 billion bilateral currency swap agreement.

They acknowledged the need to enhance bilateral trade and welcomed the amendment promoting trade in fish surimi between India and Japan under the India-Japan Comprehensive Economic Partnership Agreement (CEPA). Stressing the importance of promoting trade and investment between the two countries, they encouraged further consideration of the implementation of CEPA through existing mechanisms. They welcomed India’s approval of Japanese apple imports and the relaxation of procedures for exporting Indian mangoes to Japan.

The Prime Ministers recognized that digital technologies will play an increasingly important role in the post-COVID world and welcomed the growing cooperation under the India-Japan Digital Partnership to enhance the digital economy through the promotion of joint digital transformation projects, support to provide opportunities for Indian IT professionals to work in Japan and Japanese companies, and collaboration in the field of IoT, AI and other emerging technologies. In this regard, Prime Minister Kishida looked forward to attracting more highly skilled Indian IT professionals to contribute to Japan’s ICT sector.

They also welcomed the progress made on the “India-Japan Fund of Funds” to mobilize funds for emerging Indian start-ups. Welcoming the signing of cooperation protocols in the fields of cybersecurity and ICT, they appreciated the progress of bilateral relations in the field of cybersecurity. and affirmed that they were further deepening their cybersecurity engagement in multilateral forums, including within the United Nations. the progress of bilateral cooperation in the field of science and technology, including through the holding of the 10th meeting of the Indo-Japan Joint Committee on Science and Technology Cooperation in November 2020, and look forward to the joint project of lunar research. commitment to strengthen efforts so that the Vision of Technologies, guided by the Quad Principles on Design, Development, Governance and the U of Technology, would be further shared by all like-minded nations.

Prime Minister Modi appreciated Japan’s support for India’s socio-economic development over the years. The prime ministers welcomed the signing of the exchange of notes for seven yen loan projects in which Japan is providing over 300 billion yen (over 20,400 crore rupees) in total.

The Prime Ministers reaffirmed the importance of collaborative projects between India and Japan in the Indo-Pacific region. They recognized the progress made in ongoing projects in Bangladesh and looked forward to exploring the expansion of such cooperation to ASEAN, Pacific Island countries and others. They appreciated the importance of their continued collaboration through the Act East Forum (AEF) for the sustainable economic development of the North East region of India and for improving the connectivity of the region with Southeast Asia.

They welcomed the launch of the “India-Japan Initiative for Sustainable Development of the North East Region of India”, which includes “The Initiative for Strengthening Bamboo Value Chain in North east” and cooperation in health care, forest resource management, connectivity and tourism in different states of the Northeast region.

They underscored their commitment to work in tandem towards a peaceful, stable and prosperous world based on a rules-based order that respects the sovereignty and territorial integrity of nations, and stressed the need for all countries to seek a peaceful resolution of disputes in accordance with international law without resort to the threat or use of force or any attempt to unilaterally alter the status quo. In this regard, they reaffirmed their shared vision of a free and open Indo-Pacific, free from coercion.