India and Japan have signed two documents on the sidelines of the bilateral talks between Prime Minister Narendra Modi and Japanese Prime Minister Fumio Kishida. The agreements include the Renewal of the Memorandum of Cooperation in Japanese language, and Exchange of notes on JICA loan for 300 billion Yen on the Mumbai-Ahmedabad high-speed railway project.
Mr. Kishida formally invited Mr. Modi to the G7 Hiroshima Summit. Earlier, Prime Minister Narendra Modi held bilateral talks with his Japanese counterpart Fumio Kishida in New Delhi. In his statement after the talks, Mr. Modi said, the meeting aimed to strengthen India-Japan relationship and give voice to the global South.
Group of Seven (G7)
The international Group of Seven (G7) is an intergovernmental political forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States; additionally, the European Union (EU) is a “non-enumerated member”. It is officially organized around shared values of pluralism and representative government, with members making up the world’s largest IMF advanced economies and liberal democracies. As of 2020, G7 members account for over half of global net wealth (at over $200 trillion), 32 to 46 percent of global gross domestic product, and 10 percent of the world’s population (770 million people). Members are great powers in global affairs and maintain mutually close political, economic, diplomatic, and military relations. G7 was formed on 25 March 1973.