India, Japan sign $75 billion currency swap agreement

Tokyo: India and Japan on Monday signed a $75 billion bilateral currency swap agreement during Prime Minister Narendra Modi ‘s visit to Tokyo, India said in a statement.

The agreement should help bring greater stability to foreign exchange and capital markets in India, the statement added.

Besides, both the countries have committed to working together to promote peace, stability and prosperity, through economic growth and development in the Indo-Pacific, including Africa.

The two sides have also agreed to establish a 22 dialogue between the Foreign Ministers and the Defence Ministers of the two countries in augmenting bilateral defence ties.

The two key announcements of significance made by both the countries after the summit include Japan formally joining the International Solar Alliance (ISA) after the ratification of its Framework Agreement. Japan will be the 71st country to sign the agreement and the 48th country to ratify it.

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