13th India-Japan Annual Summit: India, Japan sign various agreements, agree to start ‘2+2’ dialogue
Japan and India entered into a USD 75 billion currency swap agreement that will boost Indian economy as it encounters a steep drop in the rupee’s value. This swap arrangement would be 50 percent higher than the previous swap agreement. Japan had offered a USD 50 billion currency swap in 2013.
Rupali Pruthi
Oct 30, 2018 14:21 IST
Prime Minister Narendra Modi visited Japan on October 28-29, 2018 to attend the India-Japan Annual Summit with the Japanese Prime Minister Shinzo Abe.
After the summit, the two sides exchanged 32 MoUs or agreements including USD 75 billion currency swap agreement and agreed to ‘2+2’ dialogue.
USD 75 billion currency swap agreement
Japan and India entered into a USD 75 billion currency swap agreement that will boost Indian economy as it encounters a steep drop in the rupee’s value. This swap arrangement would be 50 percent higher than the previous swap agreement. Japan had offered a USD 50 billion currency swap in 2013.
This facility will enable the agreed amount of foreign capital being available to India for use as and when the need arises. Equally, Japan can also seek dollars from India in exchange for yen.
2+2 dialogue with Japan
After the United States, India will now hold a 2+2 dialogue with Japan. Both the sides agreed for a 2+2 dialogue between Foreign Ministers and Defence Ministers. The aim is to work towards world peace and stability.
Japan announced to join the International Solar Alliance (ISA)
During the Summit, Japan announced to join the International Solar Alliance (ISA) by submitting the instrument of ratification on October 29, 2018. As of now, there are 70 countries that have signed the ISA Framework Agreement and 47 countries that have ratified it.
Japan will be the 71st country to sign and 48th country to ratify the ISA Framework Agreement.
Here is the list of other agreements signed between India and Japan
| Category |
MOU or Agreement |
Objective |
| Defence and Strategic |
Implementing arrangement for cooperation between Japan Maritime Self-Defence Force and Indian Navy |
For greater cooperation and exchange of information in maritime domain |
| Digital and new technologies |
MoC between Union Ministry of Electronics and Information Technology, and Ministry of Economy, Trade & Industry on Japan-India Digital Partnership |
To tap into the synergies between Japan’s "Society 5.0” and India’s flagship programmes like "Digital India”, "Smart City” and "Start-up India” in next generation technologies such as Artificial Intelligence (AI), and IoT (Internet of Things), etc. |
| Digital and new technologies |
Statement of Intent between NITI Aayog and Ministry of Economy, Trade & Industry (METI) of Japan on Artificial Intelligence (AI) |
To encourage and develop cooperation on artificial intelligence technologies |
| Healthcare and wellness |
MoC between Union Ministry of Health and Family Welfare, and the Office of Healthcare Policy, Cabinet Secretariat of Japan and the Japanese Ministry of Health, Labour and Welfare |
To establish a mechanism to identify potential areas for collaboration between India and Japan in primary healthcare, prevention of non-communicable diseases, maternal and child health services, sanitation, hygiene and elderly care |
| Healthcare and wellness |
MoC between Ministry of AYUSH and the Kanagawa Prefectural Government of Japan |
For cooperation in the field of Healthcare and Wellness |
| Healthcare and wellness |
MoU on food safety between Food Safety and Standards Authority of India (FSSAI); and Food Safety Commission of Japan, Consumer Affairs Agency of Japan, Ministry of Health, Labour and Welfare of Japan |
For furthering cooperation between the agencies from India and Japan in area of food safety |
| Food value chain and agriculture areas |
MoC between Union Ministry of Food Processing Industries, and Ministry of Agriculture, Forestry and Fisheries, Japan |
To develop India’s food processing industry with involvement of relevant stakeholders such as local governments, private companies, etc. |
| Food value chain and agriculture areas |
Program agreement between Union Ministry of Agriculture & Farmer Welfare and Ministry of Agriculture, Forestry and Fisheries, Japan |
To promote development of agricultural value chain and fisheries, including aquaculture, by improving the investment environment for Japanese companies. |
| Food value chain and agriculture areas |
MoC between Maharashtra Government and Japanese Ministry of Agriculture on Development of Food Value Chain in Maharashtra |
To facilitate investment of Japanese companies in food value chain in Maharashtra |
| Food Value Chain and agriculture areas |
MoC between Japanese Ministry of Agriculture, Forestry and Fisheries and Uttar Pradesh Government on development of food value chain in Uttar Pradesh |
To facilitate investment of Japanese companies in food value chain in Uttar Pradesh |
| Economic |
MoU between Export Credit Guarantee Corporation of India and NEXI, Japan |
For stimulating trade and investment between India and Japan and strengthening cooperation in projects in third countries. |
| Postal |
MOC in Postal Field between the Union Ministry of Communications and Ministry of Internal Affairs and Communications of Japan |
To strengthen cooperation in postal field including through setting up of Postal Services Dialogue between Ministry of Communications and Ministry of Internal Affairs and Communications |
| Science & Technology |
MoU between Council of Scientific and Industrial Research (CSIR) of India and Hiroshima University of Japan for Research Partnership. |
To promote research partnership in areas such as Electronics, Sensors, High Speed Vision, Robotics, Advanced Manufacturing including Mechatronics, Environmental Research, Intelligent Transportation, etc. |
| Science & Technology |
MoU between Council of Scientific and Industrial Research (CSIR) of India and Research Centre for Advanced Science and Technology (RCAST), University of Tokyo, Japan |
To promote research partnership in areas like Renewable Energy, Electronics including Robotics/IoT, Advanced Materials, etc. |
| Science & Technology |
Agreement for Cooperation between Council of Scientific and Industrial Research (CSIR), India and Institute of Innovative Research, Tokyo Institute of Technology (TIT), Japan |
To establish research partnership CSIR and TIT in areas such as Advanced Materials, Bioscience and Information Technologies. |
| Environment |
MoC between India and Japan in the field of Environment Cooperation |
To promote greater cooperation between India and Japan for protection and improvement of environment |
| Academic Exchanges |
MoU between National Institute of Pharmaceutical Education and Research (NIPER), India, and Shizuoka University, Japan |
To promote academic linkages between the National Institute of Pharmaceutical Education and Research S.A.S Nagar, and Shizuoka University |
| Academic Exchanges |
MoU on Further Cooperation toward Indo-Japan Global Startup between Nagasaki University and IIITDM Kancheepuram, India |
Information Technology and Human Resources development along with Indo-Japan Global Startup |
| Academic Exchanges |
MoU on Academic and Educational Exchange between Indian Institute of Technology (IIT), Hyderabad, India and Hiroshima University, Japan. |
Joint Research Promotion and exchange of students and faculties between the two institutions |
| Academic Exchanges |
MoU between IIT, Hyderabad and National Institute of Advanced Industrial Science and Technology |
Joint Research Promotion and exchange of students and faculties between the two institutions |
| Academic Exchanges |
Academic Exchange Agreement between IIT Kanpur and Hokkaido University |
Joint Research Promotion and exchange of students and faculties between the two institutions. |
| Sports |
MoU between Sports Authority of India (SAI) and University of Tsukuba, Japan |
To strengthen cooperation in the field of sports development and excellence through joint programmes. |
Japan agrees to provide 316 Billion Yen loan for seven major infrastructure projects in India
Apart from these agreements, Japan agreed to provide loans of about 316.458 billion yen for seven major infrastructure projects in India. These include:
• Project for the Construction of Mumbai-Ahmedabad bullet or high speed train
• Project for Renovation and Modernisation of Umiam-Umtru Stage-III Hydroelectric Power Station in Meghalaya
• Delhi Mass Rapid Transport System Project (Phase 3)
• North East Road Network Connectivity Improvement Project (Phase 3)
• Project for Sustainable Catchment Forest Management in Tripura
Government to Business/Business to Business agreements
• Memorandum of Understanding between KAGOME Co Ltd. of Japan and Union Ministry of Food Processing Industries
• Joint Venture Agreement between State Bank of India (SBI) and SBI Payment Services Pvt. Ltd; and Hitachi Payment Services Pvt Ltd
• Memorandum of Understanding between Nissan Steel Industry Co. Ltd. of Japan and Union Ministry of Food Processing Industries
• Letter of Intents and Acknowledgements of Private Sector Investment Project Proposals by 57 Japanese companies to make investment in India and 15 Indian companies to make investment in Japan
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