India, Japan partnership holds immense potential to de-risk global economy: Jaishankar
New Delhi (PTI): India and Japan on Friday agreed to ramp up cooperation in areas of trade, critical minerals, defence and high technologies with External Affairs Minister S Jaishankar saying that the partnership between the two sides holds immense potential to de-risk the global economy.
A meeting between Jaishankar and his Japanese counterpart Toshimitsu Motegi saw both sides agreeing to set up a joint working group on critical minerals and a dialogue mechanism on artificial intelligence.
The Japanese foreign minister met Prime Minister Narendra Modi ahead of his talks with Jaishankar.
"Our special strategic and global partnership is on an upward trajectory and holds immense potential for shaping the world order and de-risking the international economy," Jaishankar said on social media after the 18th India-Japan strategic dialogue.
He said the discussions on boosting cooperation in areas of economy supply chain, critical minerals, technology and people-to-people connections were reflective of "shared interests" between the two sides.
"Also had a useful exchange of perspectives on Indo-Pacific and regional and global developments," he said.
Toshihiro Kitamura, a spokesperson at the Japan foreign ministry said Jaishankar and Motegi deliberated extensively on various global issues to align their views and discussed the importance of Quad.
Kitamura said extensive deliberations were held on ensuring economic security in view of the current geopolitical developments, adding the two sides agreed to set up a joint working group on critical minerals.
External Affairs Ministry spokesperson Randhir Jaiswal said Jaishankar and Motegi underlined the importance of further strengthening the India-Japan special strategic and global partnership.
The two ministers launched the AI dialogue to give a fresh push to bilateral cooperation in this sector.
Both sides also decided to convene a joint working group on critical minerals under the economic security initiative to advance our collaboration in rare earths and other critical minerals, he said.
In his televised opening remarks at the meeting, Jaishankar said India's vision for the Indo-Pacific aligns closely with Japan's outlook for a 'Free and Open Indo-Pacific'.
"We are leading democracies, we are the major economies of the world, and we have today not just an opportunity, but also an obligation, a duty to shape the global order," he said.
"And in the current uncertain global situation, it's even more important that we work closely towards shared strategic goals," he added.
Jaishankar noted that economic security has become very important in the current global context.
"I think both our countries attach enormous importance to it, and how to de-risk our own economies, and how to de-risk the international economy are both very important." "So, we will be discussing resilient supply chains, critical minerals, how to address energy, health, and maritime security in our talks today," he added.
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Rajnath Singh chairs IGoM meet, urges constant vigil over West Asia crisis
New Delhi (PTI): Defence Minister Rajnath Singh on Thursday emphasised the need for round-the-clock monitoring of the West Asia conflict and called for a calibrated response to deal with any eventuality to ensure that national interests remain protected.
Singh made the comments while chairing a high-level meeting of the Informal Group of Ministers (IGoM) set-up to monitor the situation in West Asia.
The meeting was attended by External Affairs Minister S Jaishankar, Finance Minister Nirmala Sitharaman, Oil Minister Hardeep Singh Puri, Power Minister Manohar Lal, Chemicals and Fertilizers Minister J P Nadda, Consumer Affairs Minister Prahlad Joshi and Minister of Railways, Information and Broadcasting, Electronics and Information Technology Ashwini Vaishnaw.
In view of the "uncertain situation", the defence minister underlined the importance of round-the-clock monitoring of the situation and the need to respond in a calibrated manner to deal with any eventuality, an official readout said.
He stressed on the need to leave no stone unturned to ensure that the people of the country face the minimum effect of the conflict, it said.
It was the second meeting of the IGoM after it was set up last month.
The IGoM was apprised of the measures being taken by the government in the wake of the ongoing West Asia conflict, Singh said on social media.
"We also deliberated upon the next steps to be taken by the government to mitigate any adverse impact arising due to the ongoing conflict," he said.
The defence ministry said in the readout said, "In the meeting, the seven empowered groups of secretaries briefed the IGoM on the steps being taken to tackle the situation."
"The IGoM was apprised about measures undertaken by the Ministry of Finance to address concerns arising due to global trade disruptions and provide relief and support to the industry, especially manufacturing, and bolster investor confidence," it said.
It listed measures including notification issued on Wednesday on full customs duty exemption on 40 critical petrochemical products till June 30.
The ministry also mentioned announcement of a special one-time relief measure for eligible units in SEZs to sell manufactured goods in Domestic Tariff Area (DTA) at concessional customs duty rates to be effective from April 1 to March 31.
It also noted another notification issued by the Department of Revenue clarifying that the provisions of GAAR (General Anti Avoidance Rules) will not be invoked in respect of investments made prior to April 1, 2017.
"These measures will reduce cost pressures on downstream sectors including textiles, packaging and pharmaceuticals, facilitate supply stability in the country and provide requisite clarity for investors contemplating investments in India," the readout said.
Defence Minister Singh appreciated the government's decision to impose a 25 per cent cap on the monthly increase in aviation turbine fuel prices for domestic operations, with effect from April 1.
This step will help protect the people from sudden increase in fares, he said.
The government has accorded highest priority to domestic LPG supply, with refinery production enhanced to fully meet consumption requirements, according to the readout.
"The IGoM was informed that there have been no reports of dry-out at LPG distributorships, and delivery of domestic LPG (liquefied petroleum gas) cylinders continues as per the normal schedule. The temporary supply concerns arose due to instances of hoarding and black marketing, which triggered panic buying in certain areas," it said.
The ministers were informed that strict enforcement action is being undertaken, with raids being carried out across multiple states and Union territories to curb hoarding and black marketing of LPG, the ministry said in the readout.
Action has also been taken against some LPG distributors who engaged in malpractices, it said.
"To support migrant labour and low-consumption households, the government is ensuring adequate availability of 5 kg free trade LPG cylinders, and since March 23, over 4.3 lakh such cylinders have been sold. Special focus is being given to states where demand is higher," it said.
The IGoM was apprised that industrial requirements dependent on commercial LPG are being met, with over 80 per cent of pre-crisis supply levels being maintained to ensure continuity of operations.
"Special meetings have been held with ministries and stakeholders of different industries to understand their demand and meet their needs. Oil PSUs are ensuring continued supply of Auto LPG across the country," the readout noted.
"However, some supply constraints are being faced by private operators due to their procurement challenges, which is why lines are being observed at PSU auto LPG pumps. Wherever the autos are dual feed and can use petrol, they are being encouraged to use petrol," it said.
