PM Modi, Japanese counterpart Kishida participate in India-Japan bilateral meeting

Prime Minister Narendra Modi and his Japanese counterpart Fumio Kishida on Tuesday participated in the India-Japan bilateral meeting in Tokyo. The meeting took place after the Quad Leaders summit earlier today. Apart from PM Modi and Kishida, US President Joe Biden and Australian Prime Minister Anthony Albanese also attended the summit.

On Monday, PM Modi said that India and Japan are "natural partners" and stated that the island nation played an important role in India's development journey.

India-Japan relations

Both countries have collaborations on a number of developmental projects, including the Centre's ambitious Mumbai-Ahmedabad bullet train project. The 508.17-kilometer-long network will connect Mumbai to Surat and will offer a super-fast journey.

The project is pegged at  Rs 1.08 lakh crore and according to the shareholding pattern, the Indian government is to pay Rs 10,000 crore to the National High-Speed Rail Corporation (NHSPC), while Maharashtra and Gujarat will pay Rs 5,000 crore each. The remaining is to be paid by Japan through a loan at 0.1 percent interest.

In FY 2018-19, Japan's bilateral business with India totalled USD 17.63 billion. Exports from Japan during this period were USD 12.77 billion and imports were USD 4.86 billion, the Ministry of External Affairs said.

The bilateral trade between both the countries for FY 2019-20 (April -December) was USD 11.87 billion. India's exports from Japan totalled USD 3.94 billion while India's imports from Japan were USD 7.93 billion, it said.

Petroleum products, chemicals, elements, compounds, non-metallic mineral ware, metalliferous ores and scrap, fish and fish preparations, clothes and accessories, iron and steel products, and textile yarn, textiles, and machinery are among India's main exports to Japan.

Machinery, electrical machinery, plastic materials, iron and steel goods, non-ferrous metals, automobile parts, organic chemicals, and metals producers are among India's main imports from Japan.