The Comprehensive Economic Partnership Agreement between India and Japan, negotiations for which concluded on Monday, necessitates the abolition of customs duties on 94 per cent of trade between the two nations over the next decade.
Referring to their ties with China, India and Japan on Monday agreed that it was essential to engage China in a closer, more open and productive dialogue as both Tokyo and New Delhi are desirous of peace in the region. Prime Minister Manmohan Singh and his Japanese counterpart Naoto Kan discussed the issue of boundary disputes with China -- while India faces border issues over land, Japan is engaged in a maritime territorial row -- in Tokyo.
India and Japan adopted a mutually acceptable stance, in Tokyo on Monday, to speed up negotiations on a civil nuclear agreement, resolving to bring it to fruition at the earliest.
Thnew deal will likely usher in a new era of cooperation and broad-basing of economic relationship between the two Asian powers.
The India-Japan civil nuclear deal might not fructify anytime too soon, with Prime Minister Manmohan Singh acknowledging that India was keenly aware of Japanese sensitivities on the matter and "would not like to force the issue".Dr Singh was addressing a business luncheon attended by top leaders of business and industry from India and Japan in Tokyo on Monday.
The competitive devaluation of the Yuan and the non-tariff barriers imposed by China on the services and pharmaceutical sectors have badly hit the Indian economy. However, New Delhi might not directly push for the appreciation of the Chinese currency given the extremely high level of Indian imports as it would lead to an increase in the prices of domestic goods and services, sources said.
India, on Sunday, categorically ruled out any change in the Nuclear Liability Act as a precursor to United States President Barack Obama's maiden visit to India that begins on November 5.
India has taken up the issue of Chinese advances into Pak-occupied Kashmir very strongly, leading to Beijing denying its involvement in the region. However, India is keeping a hawk eye on the developments on the border and hopes to broach the subject with the Chinese leadership.
Given the debilitating effects of the economic slowdown on various industry sectors and indeed on the nation's GDP growth, the government would have been well within its right to push through a populist budget under the garb of not letting the country's economy drift till such time as a new government is put in place after the general elections.
India can now, if required, borrow up to $30 billion a year, up from $6 billion, from the International Monetary Fund for a three-month period which can be renewed twice more in 3-month cycles.
Despite the fact that its per capita emissions are amongst the lowest in the world, India has adopted a strong National Action Plan on Climate Change.
Unfazed over the Left's decision to withdraw support to UPA government, the Congress on Tuesday said there was no threat to the Manmohan Singh-led ministry and that it would prove its majority in Parliament.
The leaders of the world's wealthiest economies did not come up with any tangible solutions to solve the problem other than suggesting an increase in the production and refining capacities in the short term.
There seems to be more in common between the predicament that faces Japanese Prime Minister Yasuo Fukuda and the dilemma that has dogged Indian Prime Minister Dr Manmohan Singh than it would appear at first sight.
Prime Minister Manmohan Singh will leave for Tokyo for the G8 Summit at 8 am on Monday. Dr Singh will met US President George Bush on July 9.
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