Tuesday, 20 November, 2018

Demise of Dollar: India, Japan Sign $75 Billion Bilateral Currency Swap Deal

China's Premier Li Keqiang shakes hands with Japan's Prime Minister Shinzo Abe at the start of their bilateral talks in Tokyo READ MOREChina-Japan relations flourish in'new era of friendship: experts
Jay Anderson | 30 October, 2018, 10:01

India's navy - which, like Japan's, is increasingly wide-ranging at a time when China is massively upgrading its blue water assets - would benefit from Japanese maintenance facilities in return.

Also on Sunday, in addition to holding talks in what is now their 11 bilateral, the two leaders visited a robot factory. In their vision document, India and Japan said that they will continue to make efforts with regard to cooperation on the aircraft.

Abe and Modi welcomed joint exercises by their ground, sea and air forces and the start of negotiations toward an acquisition and cross-servicing agreement, or ACSA, which would enable sharing of supplies and ammunition between the two militaries as a way to "enhance the strategic depth of bilateral security and defense cooperation". "It's not only big companies but micro, small and medium enterprises that are welcome to India", he said.

In a message to top the country, PM Abe said India is driving the region and the world's prosperity as a global power.

Concerns about China's expanding influence on the regional economy and USA trade policy are also bringing Japan and India closer in their economic ties.




Besides meeting business leaders, PM Modi held discussions with Japanese Minister of Economics Hiroshige Seko, Foreign Minister Taro Kono, Secretary General of LDP Toshihiro Nikai, Chairman of Policy Research Council of LDP Fumio Kishida. "I have been told that today Japan investors have announced that they will invest 2.5 billion USA dollars in India", he said at the joint briefing.

The Indian prime minister arrived in Japan earlier in the day.

"India is going through a massive transformative phase and worldwide agencies say the country will drive the growth of the global economy in the coming decade", he told the gathering.

Experts said Abe, who last week became the first Japanese prime minister to visit Beijing since 2011, was performing a delicate balancing act - working to improve ties with China while keeping relations with India on a strong footing. On Sunday, he was invited to Abe's vacation home at a scenic resort in the shadow of Mount Fuji. "There are no negatives, but only opportunities in this relationship, which are waiting to be seized". The Indian PM is one of the 18 persons Abe follows on Twitter. "After India's full accession to three worldwide export control regimes, the two leaders pledged to continue working together for India's membership of the Nuclear Suppliers Group, with the aim of strengthening the global non-proliferation efforts", the statement added.

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