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India, Japan sign USD 75 bn currency swap agreement

India and Japan Monday concluded a USD 75 billion bilateral currency swap agreement, a move that will help in bringing greater stability in foreign exchange and capital markets in the country.

The agreement will further strengthen and widen the depth and diversity of economic cooperation between the two countries.

Prime Minister Narendra Modi, who is visiting Japan, and his Japanese counterpart Shinzo Abe held delegation-level talks during which the two leaders discussed a range of bilateral, regional and global issues including the situation in the Indo-Pacific region.

“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,” said India-Japan Vision Statement issued after the summit-level meeting between the two leaders.

The swap agreement, a Finance Ministry’s release said, should “aid in bringing greater stability to foreign exchange and capital markets in India…This facility will enable the agreed amount of foreign capital being available to India for use as and when need arises”.

Recognising the unparalleled potential for development of relations between the two countries, the prime ministers reviewed the significant milestones achieved over the last four years.

PM Modi discusses bilateral, regional and global issues with Japanese leaders

Prime Minister Narendra Modi on Monday met Japanese Foreign Minister Taro Kono and held productive, focused discussion on bilateral, regional and global issues.

Modi arrived in Japan on Saturday to attend the 13th India-Japan annual two-day summit which will seek to review the progress in ties and deepen strategic dimension of the bilateral relationship.

“Strengthening the strategic orientation of our relationship. Foreign Minister of Japan Taro Kono called on PM @narendramodi. Held productive and focused discussion on bilateral, regional and global issues,” Ministry of External Affairs spokesperson Raveesh Kumar tweeted.

Modi also met Secretary General Toshihiro Nikai of the ruling Liberal Democratic Party and the Minister of Economy Trade and Industry (METI) Hiroshige Seko.

He appreciated the Japanese support extended to the flagship initiatives in India.

“Secretary General of Liberal Democratic Party Toshihiro Nikai called on PM @narendramodi. PM appreciated his vision and experience in strengthening of our bilateral relationship, specially support extended to the flagship initiatives in India,” Kumar tweeted.

Japan’s role in India’s economic journey continues to be integral to its transformation, Kumar added.

“Minister of @METI_JPN Hiroshige Seko called on PM @narendramodi. Discussed ways to enhance our economic engagement, specially given METI’s role in strengthening our economic partnership,” Kumar tweeted.

Earlier, Modi addressed a gathering of vibrant Indian community in Japan and also interacted with some respected names in Japanese venture capitalists.

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