PM Modi signs 75 billion currency swap agreement with Japan

Tokyo:

Prime Minister Narendra Modi on Tuesday signed $75 billion bilateral currency swap agreement with Japanese counterpart Shinzo Abe.

The Finance Ministry said that the deal will further strengthen & widen the diversity of economic cooperation between the two countries.

“This represents an increase of 50% over last currency Swap Agreement between 2 countries. It is indicative of close bonds between 2 countries nurtured by the 2 leaders. This New Swap Agreement should aid in bringing greater stability to foreign exchange & capital markets in India,” the Finance Ministry said.

As per the Indian-Japan Vision statement, “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.”

PM Modi and his Japanese counterpart Shinzo Abe “welcomed the expansion of Japan’s Foreign Direct Investment in India under the ‘India-Japan Investment Promotion Partnership’, the progress made in Japan Industrial Townships (JIT) and other initiatives included in the Japan-India Roadmap for Investment Promotion.”

PM Modi expressed his appreciation for the significant contribution of Japan’s ODA to the socio-economic development of India. Prime Minister Abe expressed Japan’s intention to continue to support India’s efforts for social and industrial development, including through key quality infrastructure projects and capacity building.

The two Prime Ministers viewed with great satisfaction the enormous progress made in the last decade in fostering joint efforts towards shared security since the signing of the India-Japan Joint Declaration on Security Cooperation in 2008.

The two leaders reaffirmed their desire to further deepen bilateral security and defence cooperation and institute Foreign and Defence Ministerial Dialogue (2+2), in addition to existing mechanisms, including the Annual Defence Ministerial Dialogue, Defence Policy Dialogue, the National Security Advisers’ Dialogue, Staff-level Dialogue of each service.

The two leaders welcomed the joint exercise between each of the three services and the commencement of negotiations on the Acquisition and Cross-Servicing Agreement (ACSA), which will enhance the strategic depth of bilateral security and defence cooperation

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