Japan, India sign $6 billion trade deal

India and Japan have signed a deal to boost bilateral trade and investment, with India and the Asian powerhouse Japan becoming the world’s second-largest trading partners.

The deal, announced Monday by Indian Prime Minister Narendra Modi, will see the Indian government, the Japanese government and the two trading partners jointly buy $6.6 billion worth of Japanese products, a senior official from the Japanese Embassy in New Delhi said in an interview.

The investment will come in the form of a joint venture for Japanese telecommunications equipment and a joint investment in technology.

The Japanese delegation in New India will be led by the Indian Ambassador to Japan.

The agreement follows a trade war between India and China, which accused the Asian giant of unfairly subsidizing its exports.

India has repeatedly called on China to do more to curb its subsidies.

India and Japan were the world leaders in technology exports last year.

The deal comes after the two countries reached a $10 billion trade pact with a partnership called the South-South Technology Corridor, which has since been extended to include India.