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Last Updated:[03-06-2013 02:12:00 EDT] Zoom in Zoom out Back to Tradenews

In the Shadow of China, India and Japan Sign historic Agreement

tradenews This last Wednesday, India and Japan signed a historic deal that further cemented the growing association of these two powers while China reserved some strong sentiments about this emerging relationship. Our readers may be aware of the Sino-Japanese agitation with regards to the Senkakus or Diaoyus Islands and the latest Sino-Indian problems that arose due to the incursion of the People's Liberation Army in Ladakh, India. In light of all these happenings, this meeting holds a particular attraction and significance for the economic fortunes of Asia.

As part of this momentous declaration, Japan has pledged financial support for high value infrastructural projects in India including the Chennai- Bangalore Industrial corridor, the ambitious third line of the Mumbai Metro, as also playing a key role in the resolution of India’s effort for civil nuclear cooperation agreement- though Japan is still refraining from agreeing with the terms of this agreement personally. India on its end has agreed to toe Japan’s stand on major International diplomatic issues, as well as play a key role alongside Japan as a empowered democracy against the use of force to change the order in Asia- a subtle reference to China’s growing economic and military might in the region as well as territorial issues with both Japan and India. Indian premier Manmohan Singh and his Japanese counterpart Shinzo Abe, two progressive leaders heading two established democracies, were positive that this agreement will bring forth a new chapter of bilateral cooperation and amity between the two Asian powerhouses.

On a joint front, India and Japan agreed to conduct periodic joint exercises by their navies while Japan offered its very advanced sea plane ‘Shinmaywa’ (aka US-2) for a possible inclusion into the Indian force. India’s department of Atomic Energy and Japan’s ministry of Economy signed a joint MoU to cooperate on the development of the rare earths industry in India- this move will have particular implications as Japan is highly dependent on China for critical rare-earth materials. Additionally, India will support Japan’s bid to host the 2020 Olympic Games in Tokyo.

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