India, Japan agree to promote financial cooperation and strengthen bilateral ties

India and Japan have agreed to promote financial cooperation and strengthen bilateral relations at the second India-Japan Finance Dialogue in Tokyo, a finance ministry statement said.

The participants exchanged their views on the macroeconomic situation in both countries.

"They discussed cooperation in third countries, bilateral cooperation, and international issues. The participants also shared views on financial sector issues, including regulation and supervision, financial digitalisation, as well as other policy initiatives in both countries," it said.

The participants were also joined by representatives of Japan's financial services industry for a session to discuss various financial regulatory issues towards further expansion of investment in India, it said.

Both sides agreed to continue discussions for further promoting financial cooperation and strengthening bilateral relations, and agreed to explore holding the next round of the Dialogue in New Delhi. The second India-Japan Finance Dialogue was held in Tokyo on September 6.

The Indian delegation was led by Economic Affairs Secretary Ajay Seth while Atsushi Mimura, Vice Minister of Finance for International Affairs, Japan led the other side.

The Japanese delegation included representatives from Ministry of Finance and Financial Services Agency.

From the Indian side, representatives from Ministry of Finance, Reserve Bank of India, SEBI , Pension Fund Regulatory and Development Authority, Insurance Regulatory and Development Authority of India, and International Financial Services Centres Authority participated in the discussion.