Japan, India ink 'historic deal'
Prime Ministers Manmohan Singh (L) and Naoto Kan exchange documents on the agreement signed at the latter's official residence in Tokyo on Monday.
After four years of negotiation, Japan and India have signed a broad agreement on increasing trade, investment in each other's country and civilian nuclear energy.
Indian Prime Minister Manmohan Singh met his Japanese counterpart Naoto Kan at the latter's official residence in Tokyo on Monday and exchanged the signed documents.
Both prime ministers also agreed to promote cooperation in areas such as joint ventures in rare earth minerals, some still unexplored areas in defense, transport and industrial corridors in south India.
Singh at a joint press conference with Kan called the conclusion of nearly four years of negotiations on the economic partnership agreement as a "historic achievement."
"It will open up new business opportunities and lead to a quantum increase in trade and investment flows between our two countries," Singh said.
Despite the size of their economies, Japan and India have had very limited trade, which totaled to about $7.7 billion, for the first six months of the year, just one percent of Japan's global trade. This is while trade with China, Japan's top partner, totaled $176 billion over the same period.
The deal, which needs to be ratified by Japan's parliament to come into force, slashes tariffs on goods and introduces measures to promote investment and deal with intellectual property rights.
Kan and Singh also agreed to speed up talks towards a civilian nuclear cooperation deal that would allow Japanese companies to export nuclear power generation technology and related equipment to India, which is said to be a boost to Japan's flagging economy.
Both countries' delegations are scheduled to meet in November to further discuss the civilian nuclear cooperation. 
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