The MoU was signed by Indian Space Research Organisation (ISRO) and the Japanese Aerospace Exploration Agency (JAXA) during Prime Minister Narendra Modi's visit to Tokyo.
The purpose of this MoU is to pursue future cooperative activities in exploration and use of outer space exclusively for peaceful purposes.
The agreement provides scope for pursuing cooperation in various areas of space science technology and applications including earth observation, satellite communication and navigation; exploration and space sciences; research and development in space systems and space technology and space industry promotion.
With the formation of JAXA in 2003, an "arrangement concerning the considerations of potential future cooperation in the field of outer space" was signed in October 2005 between ISRO/Department of Space (DOS) and JAXA.
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Subsequently both agencies have signed cooperative documents addressing lunar exploration, satellite navigation, X-ray astronomy and Asia Pacific Regional Space Agency Forum (APRSAF).
During the ISRO-JAXA bilateral meeting held at New Delhi in April 2016, both sides stressed the need for updating he contents of '2005 Arrangement' with enhanced scope of cooperation.
Accordingly, both sides have arrived at the draft of new 'Memorandum of Understanding (MoU)' between ISRO and JAXA concerning cooperation in the field of outer space' and got it signed on November 11, 2016 at Tokyo.
"The selections for participation in exchange programmes shall be done in an objective and transparent manner and the outcomes of the programmes under the MoU shall be open for public scrutiny.
"Exchange programmes will also help in developing international perspective among the Youth and expanding their knowledge and expertise in the areas of Youth Affairs," a statement said.