Japan, India talk ''broader Asia'', currency swap

22 August 2007

Mumbai: Japanese Prime Minister Shinzo Abe has called for an expanded partnership of Asia-Pacific countries that would include Japan, India, Australia and the US, even as the two countries are working towards comprehensive economic cooperation.

Abe said Japan has also drawn up a basic structure for a currency swap agreement with India, which will cater to short-term liquidity and complement foreign exchange norms.

"This partnership is an association in which we share fundamental values such as freedom, democracy and respect for basic human rights as well as strategic interests," Abe told a joint session of Parliament.

Abe is heading a high-profile team that aims to boost trade between Asia's largest and third largest economies. About 200 businessmen are accompanying him on the visit.

"By Japan and India coming together in this way, this 'broader Asia' will evolve into an immense network spanning the entirety of the Pacific Ocean, incorporating the United States of America and Australia," Abe said.