Japan has cancelled a planned visit to the US by its trade negotiator Ryosei Akazawa, delaying the process of finalising a USD 550 billion investment package to be offered by Japan to the US aimed at easing tariffs imposed on Beijing by President Donald Trump.
The trip, scheduled for Thursday, was expected to formally confirm the USD 550 billion package and its financial details, such as the sharing of returns between the two countries.
Reasons for Cancellation
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Japanese government spokesman Yoshimasa Hayashi said the trip was cancelled at last minute as some issues were still to be discussed at the administrative level.
Under the proposed deal, US tariffs on Japanese imports would be reduced from 25% to 15% in exchange for Tokyo’s investment.
PM Modi’s Visit To Japan
This comes ahead of Prime Minister Modi’s two-day visit to Japan, where he will attend the 15th India-Japan Annual Summit with his Japanese counterpart Shigeru Ishiba during which the two leaders will focus on further strengthening ties between the two countries.
At Ishiba’s invitation, Prime Minister Modi will be in Japan from August 29 to 30 before travelling to Tianjin, China, from August 31 to September 1, for the Shanghai Cooperation Organisation (SCO) Summit.
During the annual summit, the two leaders will review progress made in recent years, explore new opportunities, and exchange views on important regional and global issues. The agenda also includes unveiling new initiatives to make the partnership more resilient and adaptive to emerging challenges.
Agenda of the 15th India-Japan Annual Summit
As part of the program, Prime Minister Modi will travel outside Tokyo with his Japanese counterpart, an element seen as a highlight of the visit. Prime Minister Modi is also scheduled to meet other Japanese political leaders, interact with Friends of India in Japan, and participate in a business leaders’ forum alongside top industry representatives from both countries to deepen trade, investment, and technology partnerships.
This will be Prime Minister Modi’s first standalone trip to Japan in almost seven years and his first annual summit with Prime Minister Ishiba.
India-Japan Ties
Prime Minister Modi last attended the India-Japan Annual Summit in 2018. While he has visited Japan since then, those trips were primarily for multilateral meetings and ceremonial events. This upcoming visit will be fully focused on advancing the bilateral agenda between India and Japan. Marking his eighth visit to the country since assuming office in 2014, it underscores the high priority India places on its relationship with Japan.
AloJapan.com