Indian Prime Minister Narendra Modi and Japanese Prime Minister Yoshihide Suga recently held a virtual summit to discuss various issues of mutual interest. During the meeting, the two leaders agreed to accelerate the review of the Comprehensive Economic Partnership Agreement (CEPA) to further strengthen the bilateral economic ties between the two nations. The two leaders also discussed collaboration in the areas of critical minerals, clean energy, and bullet train technology.
The CEPA was signed in 2011 with the aim of enhancing trade and investment between India and Japan. The agreement has been beneficial for both nations as it has led to an increase in bilateral trade and investment. However, given the changing economic landscape and the potential for further growth in the bilateral economic relationship, both Modi and Suga saw the need to review and upgrade the CEPA.
The two leaders also discussed the need to diversify their economic partnership by collaborating in areas like critical minerals. India and Japan are both heavily reliant on imports for their mineral requirements, and this dependence can be reduced by working together to secure a stable supply of these minerals. This collaboration would not only strengthen the economic ties between the two nations but also contribute to their strategic and energy security.
The leaders also discussed the potential for cooperation in the field of clean energy. India has set ambitious targets for renewable energy and has been actively promoting the use of clean energy sources. Japan is a global leader in clean energy technology and has the expertise and resources to assist India in achieving its goals. By collaborating on clean energy projects, both countries can contribute to global efforts to combat climate change.
Another important area of discussion was bullet train technology. India and Japan have been working together on the Mumbai-Ahmedabad High-Speed Rail (MAHSR) project, which is India’s first bullet train project. During the virtual summit, Modi and Suga reaffirmed their commitment to the project and expressed their desire to further expand cooperation in high-speed rail technology. This collaboration would not only benefit India but also open up new opportunities for Japanese companies in the Indian market.
The virtual summit between Modi and Suga is a testament to the strong and strategic partnership between India and Japan. Both leaders emphasized the shared values and vision of the two nations, which forms the foundation of their relationship. They also expressed their commitment to work together towards a free, open, and inclusive Indo-Pacific region.
The summit also provided an opportunity for the leaders to exchange views and ideas on regional and global issues of mutual interest. They discussed the situation in the Indo-Pacific region, including the importance of maintaining peace, stability, and rule-based order. Modi and Suga also underscored the importance of respecting territorial integrity and sovereignty.
The meeting between Modi and Suga comes at a time when the world is facing the COVID-19 pandemic and its economic consequences. The two leaders acknowledged the challenges posed by the pandemic and agreed to strengthen cooperation in the areas of healthcare, digital technology, and supply chain resilience. India and Japan have been working closely together in the fight against COVID-19, and this collaboration is expected to continue in the future.
The virtual summit between Modi and Suga marks a new chapter in the strong and enduring friendship between India and Japan. The two leaders have charted a forward-looking agenda that would further deepen the bilateral ties and contribute to the peace, prosperity, and stability of the Indo-Pacific region. The discussions on the CEPA, critical minerals, clean energy, and bullet train technology demonstrate the commitment of both nations to drive their economic partnership to new heights.
In conclusion, the virtual summit between Modi and Suga was a significant step towards strengthening the friendship and cooperation between India and Japan. The two leaders have reaffirmed their commitment to work together to achieve their shared goals and vision. By accelerating the review of the CEPA and collaborating in areas like critical minerals, clean energy, and bullet train technology, the two nations are poised to take their economic partnership to the next level.
