India, Japan favour setting up of ministerial level economic dialogue

TOKYO - India and Japan on Monday favoured establishment of a Ministerial Level Economic Dialogue between India and Japan.

Indian Prime Minister Dr. Manmohan Singh and Japanese Prime Minister Naoto Kan during their meet today felt that setting up of a Ministerial Level Economic Dialogue between the two countries was required to give strategic and long-term policy orientation to their bilateral economic engagement, taking into account the regional and global context and to coordinate economic issues of cross-cutting nature, including infrastructure development and financing.

Expressing satisfaction, in a joint statement, at the steady growth of political exchanges, dialogue and policy coordination at all levels, Dr. Singh and Naoto Kan today positively evaluated Ministerial-level annual dialogues and exchanges between Foreign Ministers, Defense Ministers and Ministers of Economy, Trade and Industry of Japan and External Affairs Minister, Defense Minister, Commerce and Industry Minister and Deputy Chairman of the Planning Commission of India.

Noting that all these exchanges were successfully accomplished in 2010, both the leaders welcomed the launch of the ‘2 plus 2′ dialogue at Subcabinet / Senior Official level and the launch of a dialogue on Africa at the official level in 2010 as a reflection of wider policy consultation and coordination on foreign policy and security issues.

The two Prime Ministers also welcomed the successful conclusion of negotiations on a balanced and mutually beneficial India - Japan Comprehensive Economic Partnership Agreement (CEPA).

They directed their relevant authorities to work towards early entry into force of CEPA and its smooth implementation. They expressed optimism that India-Japan CEPA will deepen their economic engagement, in terms of trade in goods and services, investment and cooperation and contribute to mutual prosperity. They hailed CEPA between these two leading economies of Asia as an important step for regional integration. They noted with satisfaction the recent growth in Japanese foreign direct investment (FDI) into India and hoped that CEPA and the Memorandum on Simplifying Visa Procedures, the latter signed today, will further facilitate the presence of Japanese businesspersons in India.

Prime Minister Dr. Manmohan Singh is currently paying an official visit to Japan for the Annual Summit of the Prime Ministers on 24-26 October 2010 at the invitation of the Prime Minister of Japan. (ANI)