Seeking to further enhance economic ties, India and Japan today stressed to continue efforts to simplify visa procedures for smooth movement of people.
Besides, both the sides agreed to continue working towards a greater understanding of all financial and taxation related issues including Indian rupee denominated finance by Japan Bank for International Cooperation (JBIC) and establishing a consultative mechanism between the countries.
Japanese Prime Minister Shinzo Abe welcomed India's consideration to relax visa requirements for ordinary passport holders of his country.
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"The two Prime Ministers stressed the importance of continued efforts to revise the Memorandum on Simplifying Visa Procedures between India and Japan which would further enhance people-to-people exchanges in business area," a joint statement said.
Abe is currently here on a three-day official visit to India.
"The two Prime Ministers acknowledged that there is a high potential to be explored in the area of people-to-people exchanges and expressed their intention to make utmost effort for the expansion of exchange of peoples in various fields," it said.
Singh and Abe expressed their expectation to enhance cooperation for development of human resources and matching activities in the area of content industry.
Welcoming the expansion of the bilateral currency swap arrangement from USD 15-50 billion, both the sides expressed expectation that this expansion will further strengthen financial cooperation and contribute to the stability of global financial markets.
Prime Minister Abe reaffirmed that Japan would continue with its Official Development Assistance at a substantial level to encourage India's efforts towards social and economic development.
Recognising the importance of further promoting technical cooperation through people-to-people exchanges, the two Prime Ministers expressed their expectations that the two countries will expand the Japanese Overseas Cooperation Volunteer scheme through the Japan International Cooperation Agency to sectors previously not approved by India such as craft works, sports and education and launch the senior volunteer scheme in India.
India and Japan appreciated the approval of the nine projects of DMIC and hoped that these projects will speedily move to the implementing phase and all issues related to other smart community projects would be resolved in a timely manner.
"The two leaders shared the view that all instruments of funding of the JBIC and JICA including the Special Term for Economic Partnership (STEP) may be explored on mutually beneficial terms," it said.
