New Delhi [India], July 3 (ANI): India and Japan have agreed to maneuver ahead with upgrading their 15-year-old Comprehensive Economic Partnership Agreement (CEPA), with Japanese Prime Minister Sanae Takaichi confirming Tokyo’s willingness to assessment and modernise the pact throughout bilateral talks with Prime Minister Narendra Modi, Foreign Secretary Vikram Misri mentioned on Thursday.
Addressing a particular media briefing on Prime Minister Sanae Takaichi’s three-day official go to to India (July 1-3), Foreign Secretary Vikram Misri confirmed that the proposed improve of the CEPA was mentioned on the summit.
‘Yes, it was mentioned, I can verify that,’ Misri mentioned in response to a query on whether or not the CEPA improve figured within the leaders’ talks.
He mentioned Prime Minister Modi famous that bilateral commerce, presently valued at round USD 25-27 billion, ‘does not likely do justice to 2 of the biggest economies on the earth.’
Misri added that whereas India and Japan have already got a Comprehensive Economic Partnership Agreement, ‘it’s considerably dated now, particularly within the context of the brand new commerce preparations that are actually being struck internationally.’
He mentioned India had just lately proposed to Japan that it was time to undertake ‘a major improve of the CEPA and assessment its provisions.’
‘And I can report back to you that Prime Minister Takaichi confirmed through the discussions that Japan was ready to have a look at the CEPA improve and that officers from each nations ought to get collectively to take the following steps on this. So, that is one thing that could be very welcome,’ Misri mentioned.
The dedication was additionally mirrored within the joint assertion issued after the sixteenth India-Japan Annual Summit.
The two Prime Ministers welcomed growing Japanese non-public funding in India and appreciated progress in direction of the goal of 10 trillion yen in funding introduced on the earlier summit.
Recognising that greater than 15 years have handed for the reason that CEPA was signed, the leaders agreed on the necessity to improve and diversify bilateral commerce.
‘They concurred on accelerating the assessment of the implementation in addition to full and efficient utilisation of the CEPA to make it extra forward-looking,’ the joint assertion mentioned.
The leaders additionally endorsed efforts beneath the India-Japan Industrial Competitiveness Partnership (IJICP) to strengthen cooperation in logistics, textiles, meals processing, agriculture, vehicles and industrial capital items. They reaffirmed the significance of increasing bilateral monetary cooperation, together with collaboration on cost programs and native foreign money transactions, and strengthening cooperation in healthcare, together with pharmaceutical provide chains.
The joint assertion additionally welcomed the inauguration of the India-Japan SME Forum and a Japanese SME mission to India centered on the aeronautical sector. Both sides expressed willingness to encourage better participation of Japanese SMEs and startups within the Indian market beneath the Japan-India Startup Support Initiative (JISSI), whereas reaffirming their dedication to facilitate better funding, industrial collaboration and expertise partnerships between the 2 nations. (ANI)