Japan, India to work towards tighter economic cooperation<\/p>\n
Reuters, Tokyo<\/p>\n
Japan and India agreed on Monday to boost bilateral ties
\nthrough cooperation in a wide range of fields, with particular
\nemphasis on the economy in the wake of Tokyo's suspension of
\nsanctions against India.<\/p>\n
In a meeting between Indian Prime Minister Atal Behari
\nVajpayee, who is on a five-day visit to Japan, and Japanese Prime
\nMinister Junichiro Koizumi, the two nations also reaffirmed their
\ncommitment to joint efforts in other areas, including eliminating
\nnuclear weapons.<\/p>\n
"I am grateful that Japan decided to lift the economic
\nsanctions," a Foreign Ministry official quoted Vajpayee as
\ntelling Koizumi.<\/p>\n
Japan suspended sanctions on India and Pakistan on Oct. 26,
\nclearing the way for fresh economic aid in a show of support for
\nthe two nations during U.S.-led strikes on Afghanistan.<\/p>\n
Japan froze all new loans and grants except for humanitarian
\naid after India and Pakistan carried out tit-for-tat nuclear
\ntests in May 1998.<\/p>\n
In a joint statement issued after their meeting, the two
\nleaders emphasized the importance of greater economic ties.<\/p>\n
"We affirmed that broadening and deepening our economic
\nconnection is an essential foundation for strengthening the
\nrelationship between our two nations," they said in the
\nstatement.<\/p>\n
Noting that both nations are working to carry out a broad
\nrange of economic and structural forms, they said: "We realized
\nour opinions are identical on the need to promote economic growth
\nthrough bilateral trade and investment while also paying
\nattention to environmental preservation."<\/p>\n
Earlier on Monday, during a meeting with Finance Minister
\nMasajuro Shiokawa, Vajpayee said revoking sanctions would allow
\nthe two nations to plan their economic ties from a long-term
\nperspective, a Finance Ministry official told reporters.<\/p>\n
According to the official, Shiokawa told Vajpayee that Koizumi
\nhad recognized the need to put more emphasis on Japan's relations
\nwith the rest of Asia, not just with nations in Southeast Asia.<\/p>\n
In line with this, Koizumi formally informed Vajpayee on
\nMonday that Japan will extend some 56 billion yen (US$446.1
\nmillion) in low-interest loans to India.<\/p>\n
The yen-denominated loans will help finance two existing
\nprojects, a subway construction project in New Delhi and a coal
\nthermal power plant construction project in southeastern India.<\/p>\n
Vajpayee and other Indian officials have repeatedly urged
\nJapan to increase investment in the giant South Asian nation
\nsince arriving on Friday.<\/p>\n
In the statement, the two leaders also recognized the need to
\nhold regular talks at senior governmental levels and to continue
\ndialogue in the security and military fields, including on
\ndisarmament and nuclear non-proliferation.<\/p>\n
Koizumi was quoted as urging India to sign the Comprehensive
\nTest Ban Treaty, a global ban on nuclear testing.<\/p>\n
The pact, which has been signed by 161 states, has not taken
\neffect because it must be ratified by 44 specific states deemed
\nnuclear-arms capable, of which only 31 have done so.<\/p>",
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"sponsor": "Okusi Associates",
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