New Delhi, May 11 (IANS) India and Japan held the second round of Economic Security Dialogue in New Delhi on Monday, agreeing to deepen collaboration in strategic industrial sectors for increasing supply chain resilience.

Foreign Secretary Vikram Misri and Japan's Vice Minister for Foreign Affairs Takehiro Funakoshi co-chaired the meeting.

"Foreign Secretary Shri Vikram Misri co-chaired the 2nd round of the India-Japan Economic Security Dialogue with Vice Minister of Foreign Affairs Mr. Takehiro Funakoshi and Vice Minister-International Affairs, Ministry of Economy, Trade and Industry Mr. Takehiko Matsuo. Both sides agreed to deepen collaboration in strategic industrial sectors for enhancing supply chain resilience," Ministry of External Affairs (MEA) spokesperson Randhir Jaiswal posted on X.

During the meeting, officials of India and Japan shared their understanding on economic security challenges faced by two nations, including economic coercion, non-market policies and practices, and overproduction and their respective economic security policies.

"At the outset of dialogue, with the participation of representatives from the Japan Business Federation, the Japan External Trade Organization, and the Confederation of Indian Industry, discussions at the Japan-India Private Sector Economic Security Dialogue, which was launched during Prime Minister Modi's visit to Japan in August last year and held on March 26, were reported and policy recommendations to both the Japanese and Indian governments were presented," read a statement issued by Japan's Ministry of Foreign Affairs.

They also discussed issues and requests presented in the Japan-India Private Sector Economic Security Dialogue and the aforementioned policy recommendations, focussed around the five priority areas identified in the Japan-India Joint Statement in August last year - semiconductors, critical minerals, information and communication technology, clean energy, and pharmaceuticals. They agreed to further promote concrete cooperation between Japan and India, taking into account the voices of businesses, the statement released by Japan's Ministry of Foreign Affairs mentioned.

The two sides also held Japan-India Foreign Vice-Ministers’ Dialogue, discussing situation in the Indo-Pacific region and the Middle East, including the situation in Iran. The officials of two nations agreed to cooperate on securing energy and resource supplies and strengthening the resilience of supply chains for critical goods considering the current situation in the Middle East.

"The two sides concurred to continue building complementary relationship in a wide range of areas based on the 'Japan-India Joint Vision for the Next Decade' announced during Prime Minister Modi's visit to Japan in August last year, and to accelerate cooperation in economic growth through investment and innovation and economic security, which is emphasized by the Takaichi administration, with the public and private sectors working together," Japan's Ministry of Foreign Affairs said in a statement.

"Vice Minister Funakoshi also explained the initiatives on the evolution of a 'Free and Open Indo-Pacific (FOIP)' recently announced by Prime Minister Takaichi, and confirmed to further cooperate toward realizing a FOIP, including within the Japan-Australia-India-US (Quad) framework. They exchanged views on the situation in the Indo-Pacific region and the Middle East, including the situation in Iran, and concurred to cooperate on securing energy and resource supplies and strengthening the resilience of supply chains for critical goods in light of the current situation in the Middle East," it added.

--IANS

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