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Why in the News?
Recently, the 2+2 ministerial dialogue was held between India & Japan.
Key Points:
About
Key Outcomes
India-Japan 2+2 Ministerial Dialogue
- Both Countries expressed their:
- Strong support for ASEAN’s unity and centrality and their full support for the “ASEAN Outlook on the Indo-Pacific (AOIP).
- Commitment to a rules-based global order
- Commitment to a common strategic goal of achieving a free and open Indo-Pacific.
- Agreement to launch the Joint Service Staff talks between the Japan Joint Staff and the Indian Integrated Defence Staff.
Convergence of Interests: India and Japan
- India-Japan are constituent members of the G-4 grouping.
- Both countries have faced difficulties in recent times in their relationship with China due to latter confronted policies.
- India-Japan envisages making the Indo-pacific multipolar, free, open, and inclusive.
- India and Japan share common ideals like democracy, the rule of law, and human rights, in addition to the prevalence of complementarities that bind their economies.
- India is a big market for Japanese companies while in turn, Japanese companies bring investment to India boosting infrastructure and employment creation.
Challenges:
- Trade Potential: The trade potential between India and Japan has not realized its potential.
- For Example, in 2017-18 the bilateral stood at a meagre of $15.71 billion between India-Japan as compared to the Sino-Indian bilateral trade insane period which stood at $84.44 billion in spite of the political tensions.
- Diverging Interests: India- Japan have divergent interests on economic issues such as Regional Comprehensive Economic Partnership.
- Balancing Act between QUAD and BRICS: India is a member of groups like the BRICS and QUAD.
What are ‘2+2 talks’?
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Way Forward:
- India’s emergence as the fifth-largest as well as the fastest-growing economy in the world will definitely ensure further growth in strategic ties with Japan.
- Both Japan and India must exploit their natural complementarities:
- Japan is a “hard” power with manufacturing prowess. India is “soft” power in IT and services.
- Japan is short of the natural resources which India has. Japan has the capital. India has skilled labour.
- Japan seeks markets. India has a flourishing huge domestic market.
