India, Japan discuss financial cooperation; to work closely in G20, G7

Top officials of India and Japan met in New Delhi on Thursday to discuss financial cooperation and agreed to work closely on multilateral forums like G20 and G7.

Top officials of India and Japan met in New Delhi on Thursday to discuss financial cooperation and agreed to work closely on multilateral forums like G20 and G7. Japan's Vice Minister of Finance for International Affairs Masato Kanda led the Japanese side at the talk, while India's side was led by Ajay Seth, Secretary, Department of Economic Affairs, Ministry of Finance.

This was the first India-Japan Finance Dialogue. In view of the growing importance of India-Japan relations in recent years, the dialogue on India-Japan financial cooperation, which had been held at the level of Deputy Director-Generals, was upgraded to the level of Vice Minister/Secretary, the Ministry of Finance said in a statement.

The Japanese delegation included representatives from the Ministry of Finance, the Financial Services Agency, and financial institutions. From the Indian side, the representatives from the Ministry of Finance, Reserve Bank of India (RBI), Insurance Regulatory and Development Authority of India (IRDA), Securities and Exchange Board of India (SEBI), and financial institutions participated in the discussion. The participants exchanged their views on the macroeconomic situation, financial system, financial digitalization and investment environment in both countries, and confirmed that both sides will continue to work closely together as they hold the presidency of G20 and G7 next year, the Finance Ministry said.

The participants including private financial institutions also discussed various financial regulation issues towards further expansion of investment in India. Both sides agreed to continue discussions for further promoting financial cooperation and strengthening bilateral relations, and agreed to explore holding the next round of the Dialogue in Tokyo, the ministry said. (ANI)

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