Vowing to achieve significant milestones, India and Japan envisions for unparalleled potential for development in 13th Annual Bilateral Summit

NewsBharati    29-Oct-2018
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Tokyo, October 29: Recognizing the unparalleled potential for development of relations between the two countries, Prime Minister Narendra Modi and Prime Minister Shinzo Abe reviewed the significant milestones achieved over the last four years and outlined the following shared vision for the future of India-Japan relations.

 

Work together as a team:

Elucidating a parallel dialogue, India and Japan together look forward to the India-Japan Special Strategic and Global Partnership, firmly rooted in history and based on common values is the mainspring for advancing the two countries’ shared strategic objectives and achieving peace, prosperity and progress to realize a better future for the public. The relationship shared by the two countries is not just limited to the bilateral values they share but also work together for the benefit of the Indo-Pacific region and the world at large.

 

New era in Indo-Japan relations:

Prime Minister Modi recognised that the India-Japan relationship has been transformed into a partnership laying a corner stone of India’s Act East Policy. Prime Minster Abe underscored the basic importance of India-Japan relationship for the regional order and is determined to advancing the "new era in India-Japan relations” so as to further cooperate for peace, stability and prosperity of Indo-Pacific. Based on their shared vision, the two Prime Ministers reiterated their unwavering commitment to working together towards a free and open Indo-Pacific. The two leaders also affirmed that ASEAN unity and centrality are at the heart of the Indo-Pacific concept, which is inclusive and open to all. They shared willingness to expand concrete cooperation with the U.S. and other partners.

Partnering for prosperity:

The two Prime Ministers reviewed the cooperation on development of connectivity via quality infrastructure, and other projects including capacity building for shared prosperity, carried out bilaterally and with other partners, in an open, transparent and non-exclusive manner and based on international standards, responsible debt financing practices, and in alignment with local economic and development strategies and priorities. 

 

Highlighting importance of small islands in India:

The two Prime Ministers welcomed the progress made for the development of India’s North Eastern Region through the India-Japan Act East Forum by identifying and implementing projects for enhancing connectivity, sustainable forest and ecological management, disaster risk reduction and people-to-people exchanges.

Socio-Economic Development:

Welcoming various infrastructural projects and developments in building a strong country, Japanese PM Shinzo Abe promised on continuing to support India’s efforts for social and industrial development, including through key quality infrastructure projects and capacity building. This is largely possible by reviewing the signing of the Exchange of Notes for yen loan, on the Mumbai-Ahmedabad High Speed Rail project, which is an important symbol of India-Japan collaboration marked by the 75th anniversary of India’s independence.

Major support to India’s initiatives:

India welcomed Japan’s strong support for key transformational initiatives such as "Make in India”, "Skill India” and "Clean India Mission”, through sharing of resources and advanced technologies, and active mobilization of Japanese public and private sector investments. With a view to enhancing financial and economic cooperation, Governments of Japan and India welcomed the agreement to conclude a Bilateral Swap Arrangement (BSA) of USD 75 billion. With regard to External Commercial Borrowing (ECB), no mandatory hedging will be required for infrastructure ECB of more than 5 years minimum average maturity.

India and Japan have also linked themselves in working for bringing out growth in digital initiatives and developments. The countries have extended undue support for the upswing development in healthcare, agriculture, space and various other sector.