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How India and Japan are enhancing their strategic relationship
Key Milestones in India-Japan relationship
- India-Japan bilateral ties gained momentum with Suzuki Motor Corporation’s investment in India in the early 1980s that revolutionized the automobile sector.
- In 2011, the bilateral economic ties between India and Japan got a boost the India-Japan Comprehensive Economic Partnership Agreement (CEPA) coming into force.
India-Japan CEPA envisages abolition of tariffs over 94% of items traded between India and Japan over a period of 10 years. It also deals with Services, Movement of Natural Persons, Investments, Intellectual Property Rights, Custom Procedures and other trade related issues.
- In 2014, ‘India-Japan Investment Promotion Partnership’ was put forward. It seeks to formulate a roadmap for doubling Japan’s foreign direct investment and the number of Japanese companies in India within five years
- Further, in 2014, India – Japan Strategic and Global Partnership was further elevated to ‘Special Strategic and Global Partnership’
- In 2016, Japan announced a Country Assistance Policy providing ODA to build India’s critical infrastructure, and to address social and environmental causes.
Note: The Ahmedabad-Mumbai High Speed Rail, the Western Dedicated Freight Corridor, the Delhi-Mumbai Industrial Corridor with twelve new industrial townships, or the Chennai-Bengaluru Industrial Corridor (CBIC), are being undertaken with Japanese assistance.
- In 2016, India also announced “visa on arrival” scheme for all Japanese travellers
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