New Delhi (India) June 3: India and Japan signed an agreement to advance energy cooperation with a comprehensive partnership focusing on energy security, supply chains and transportation, amid rising geo-political concerns.
This alliance focuses on creating strong energy frameworks by collaborating on strategic petroleum reserves, building strong supply chains and fostering robust maritime energy transport.
Modi Calls Japanese PM His 'Younger Sister'
The pact between India's Ministry of Petroleum and Natural Gas and Japan's Ministry of Economy, Trade and Industry, comes during the visit of the Japanese PM Sanae Takaichi to New Delhi where she engaged in bilateral discussions with PM Narendra Modi.
Takaichi is on a trip to India, where both nations look forward to bolstering their economic ties and partnerships. During a joint conference, PM Modi proudly labelled PM Takaichi his younger sister.
"Your Excellency, and 'meri chhoti behen' (my younger sister) Prime Minister Takaichi, delegates of the two countries, members of the media, Namaskar! Konnichiwa," Modi said.
"I am delighted to welcome Prime Minister Takaichi on her first visit to India for the India-Japan Annual Summit. She is also Japan's first female Prime Minister, and a visionary and popular leader. Furthermore, she hails from Japan's Nara Prefecture, a very important centre of shared Buddhist heritage of India and Japan," Modi added.
He also added, "Today, both India and Japan are among the world's largest economies. A free, prosperous, and rules-based Indo-Pacific is our shared priority. As the region's largest democratic and market economies, we have undertaken several significant initiatives today. Together, these will pave the way for peace, stability, and progress across the entire region.”
Countries Aim For Stronger Energy Supply Chains
Both leaders described the countries as leading regional powerhouses and the two largest energy-consuming countries in the Asian continent, stressing the importance of co-ordination to secure stable energy in a challenging global environment.
The collaboration framework includes strategies for enhancing energy supply chain efficiency and bolstering the overall resilience and affordability of energy for both countries. Areas of focus for cooperation include strategic oil stockpiling, market stability, enhancing the reliability and security of energy transport networks, establishing stronger institutional partnerships between organisations in the two nations, and the regular exchange of ideas on pertinent policies.
Focus On Strategic Petroleum Reserves
Both nations will focus on sharing insights regarding the operational strategies for managing national petroleum reserves, inclusive of managing industry-held stock reserves.
In addition, knowledge regarding the operation of such reserves will be exchanged, alongside methods of coordinating with international oil producers to create robust emergency plans, including strategies for destabilizing markets in response to supply disruptions.
Sea Transport Partnership For Steady Supply
Recognising that sea transport is crucial for efficient and safe energy delivery, the partnership includes boosting cooperation in the movement of oil and natural gas across waterways.
The partners will investigate options for collective ventures, like the shared funding of different points in the sea-based energy transportation pipeline, aimed at creating a system that is more secure, proficient, and self-reliant.