Published: Tue, October 30, 2018
World News | By Laverne Osborne

India, Japan sign $75 billion currency swap agreement

India, Japan sign $75 billion currency swap agreement

Both Modi and Abe called upon Pakistan to bring to justice the perpetrators of terrorist attacks, including those of November 2008 in Mumbai and January 2016 in Pathankot.

Yet as cooperation between Japan and India grows, Abe is also seeking to improve ties with China. Modi, who was on a two-day visit to Japan, and Abe held wide-ranging talks during which they agreed to deepen economic and security cooperation, including the start of a 2+2 dialogue between the defence and foreign ministers.

Condemning in the strongest terms the growing threat of terrorism and its universal reach, the two leaders expressed their desire to strengthen cooperation against terrorist threats from groups including Al-Qaida, ISIS, Jaish-e-Mohammad, Lakshar-e-Tayyiba, and their affiliates.

"The two leaders reaffirmed their shared commitment to the total elimination of nuclear weapons and remained resolute in the task of strengthening worldwide cooperation to address the challenges of nuclear proliferation and nuclear terrorism", the vision statement read.

Japan also extended its support for India's bid to join the Nuclear Suppliers Group, a move that China opposes.

"A strong India benefits Japan and a strong Japan benefits India", Abe told reporters after he and Modi signed the statement.

"It is clear that there won't be a century of Asia without cooperation between India and Japan".

An India-Japan vision statement issued after the summit-level meeting between the two leaders welcomed the swap agreement.

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China is a strategic and economic rival of India.

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

India, Japan, and China signed the currency agreement against the backdrop of trade tariff war initiated by the US President Donald Trump early this year.

He also met Heita Kawakatsu, the Governor of Shizuoka province, and Yuji Kuroiwa, the Governor of Kanagawa Prefecture, and discussed ways to strengthen cultural and people-to-people ties between India and Japan.

On Sunday, Modi visited a factory operated by robot manufacturer Fanuc before being invited to Abe's vacation home near Mount Fuji.

Since 2005, Japanese and Indian prime ministers have held summit talks nearly annually.

The Japanese PM said on Twitter that the opportunity allowed him to talk frankly about India-Japan relations in a relaxed atmosphere. Half of the amount would be allocated to the railway project in western India using Japan's "bullet train" technology, according to the signed documents.

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