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India, Japan to hold 1st economic dialogue

New Delhi: India and Japan will hold the first-ever economic dialouge here on Monday, a move which reflects increasing trade ties between the two countries which will also be holding series of to deepen the strategic, economic and political ties.

While the first India-Japan Ministerial-level Economic Dialogue will focus on giving boost to trade and economic relations, the 6th annual Strategic Dialogue between the two countries are expected to discuss civil nuclear cooperation, maritime security and the regional security architecture.

The meetings will be chaired jointly by External Affairs Minister S M Krishna and his Japanese counterpart Koichiro Gemba who is arriving here tomorrow along with his Minister of Economy, Trade and Industry Yukio Edano.

"In the Strategic Dialogue, the two sides will review all aspects of the bilateral Strategic and Global Partnership and discuss regional and international issues of mutual interest. A number of senior Ministers and officials from both India and Japan will participate in the ministerial-level Economic Dialogue, a new bilateral initiative, which was agreed to by the Prime Ministers of India and Japan," the Ministry of External Affairs said.

On the economic side, officials said "both the sides will discuss ways and means to further boost trade and investments between the countries."

The Comprehensive Economic Partnership Agreement (CEPA) between India and Japan has come into force from August 1, 2011, which would boost bilateral trade between to USD 25 billion by 2014.

During the meeting between Commerce and Industry Minister Anand Sharma and Yukio Edano, "both sides are expected to discuss several issues like review of CEPA and ways to enhance investments," they said.

"Both the ministers are likely to reach the common recognition that enhancing bilateral cooperation in the area of creative industries will be regarded as an important new pillar of Japan and India industry cooperation," they said. The two-way trade between the countries has increased to USD 18.31 billion in 2011-12 from USD 13.82 billion in 2010-11.

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