In­dia, Ja­pan to unite against pro­tec­tion­ism

Millennium Post - - BUSINESS -

GAND­HI­NA­GAR: In­dia and Ja­pan on Thurs­day com­mit­ted to re­sist pro­tec­tion­ism while mak­ing a strong case for rule based mul­ti­lat­eral trad­ing sys­tem for sus­tain­able growth.

Prime Min­is­ter Naren­dra Modi and his Ja­panese coun­ter­part Shinzo Abe held strate­gic dis­cus­sions on a wide range of is­sues un­der the Spe­cial Strate­gic and Global Part­ner­ship be­tween the two coun­tries.

"The two Prime Min­is­ters un­der­lined the cru­cial role of the rules-based mul­ti­lat­eral trad­ing sys­tem, and en­hanc­ing free, fair, and open trade, for achiev­ing sus­tain­able growth and de­vel­op­ment.

"They com­mit­ted to re­sist pro­tec­tion­ism in­clud­ing un­fair trade prac­tices and un­der­lined the need to re­move trade- dis­tort­ing mea­sures," said a joint state­ment is­sued af­ter the meet­ing.

Modi and Abe reaf­firmed their com­mit­ment to work to­gether to im­ple­ment the Bali and Nairobi Min­is­te­rial de­ci­sions and make the 11th WTO Min­is­te­rial Con­fer­ence a suc­cess.

They also de­cided to steadily im­ple­ment WTO'S Trade Fa­cil­i­ta­tion Agree­ment.

Ja­pan reaf­firmed its sup­port to In­dia's mem­ber­ship in the Asia-pa­cific Eco­nomic Co­op­er­a­tion (APEC), a fo­rum for 21 Pa­cific Rim mem­ber economies.

The two lead­ers de­cided to work to­wards lib­er­al­i­sa­tion and fa­cil­i­ta­tion of trade and in­vest­ment in the Asia-pa­cific re­gion.

"They reaf­firmed to co­op­er­ate to­wards con­clu­sion of a mod­ern, com­pre­hen­sive, high qual­ity and mu­tu­ally ben­e­fi­cial Re­gional Com­pre­hen­sive Eco­nomic Part­ner­ship (RCEP) Agree­ment, in or­der to achieve a bal­anced out­come," the state­ment said.

Modi and Abey also reaf­firmed their com­mit­ment to fur­ther strength­en­ing co­op­er­a­tion

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