PM Modi's Japan, China visit to deepen economic collaboration: FIEO

New Delhi, Aug 29 (IANS) Prime Minister Narendra Modi's visits to Japan and China are expected to further deepen economic collaboration, especially in the areas of trade, technology, and investment, the Federation of Indian Export Organisations (FIEO) said on Friday.

FIEO President S.C. Ralhan considered the visit a crucial step toward strengthening India’s trade and export ties with two of Asia’s largest economies.

At the invitation of Japanese Prime Minister Shigeru Ishiba, PM Modi is visiting Japan for the 15th Annual Summit, a key platform to take forward the Special Strategic and Global Partnership that has matured over the last eleven years.

The trade body expects that the PM’s discussions in Japan will focus on expanding bilateral trade volumes, particularly in manufactured goods, services, and technology-driven sectors.

According to the organisation, enhancing Japanese investments in Indian infrastructure, MSMEs, and startups, and facilitating technology partnerships in Artificial Intelligence, semiconductors, and advanced manufacturing will also be on the agenda.

Japan is a key export market for India, particularly for sectors like automobiles, pharmaceuticals, marine products, textiles, and engineering goods.

"This visit will encourage Japanese businesses to explore the vast potential of ‘Make in India’ and ‘Export from India’ initiatives," reiterated FIEO President Ralhan.

Following the Japan visit, PM Modi will travel to China's Tianjin to attend the Shanghai Cooperation Organisation (SCO) Summit, hosted by President Xi Jinping.

India, as an active and forward-looking member of the SCO, has introduced several initiatives in innovation, health, and cultural exchange during its presidency.

The SCO platform provides a valuable opportunity for India to engage in dialogue on regional economic cooperation, address non-tariff barriers and explore avenues to rebalance bilateral trade with China.

China continues to be one of India’s largest trading partners.

"There should be an enhancement in market access for Indian exporters, reduce the trade deficit, and encourage mutual investments in key sectors," the FIEO chief added.

--IANS

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