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China and Japan: Turning from competition to cooperation
Why is it in news?
- In a sign of a thaw, Mr. Abe visited china- the first visit by a Japanese leader to China in 11 years.
- Faced with the threat of a trade war with the United States, China and Japan have decided to work together to develop new overseas markets, by focusing on collaboration instead of competing with each other.
Visit outcomes
- This new cooperation showcases Japanese Prime Minister’s “pragmatism,” notwithstanding his strong nationalistic instincts.
- By bolstering investment in other countries, the governments of Asia's two biggest economies will aim to form a new model of economic cooperation between them.
- The meeting between the two leaders was followed by the signing of a slew of agreements, which covered energy cooperation, military confidence building measures in the East China Sea, infrastructure development and joint development of hi-end technology.
- Agreement on hi-end technology and intellectual property- Focusing on cutting-edge know-how, an agreement was signed to establish a discussion platform on hi-end technology and intellectual property.
- Agreement on joint development of gas fields in the East China Sea- an initiative that was stalled in 2008, when tensions over islands, called Diaoyu by China and Senkaku by Japan, spiraled.
- Joint search and rescue missions- In south china sea waters.
- Bilateral currency swap- signed a bilateral currency swap dealt of $ 26.7 billion—around 10 times as larger than a previous agreement that has expired.
- Denuclearisation of North Korea- Two leaders reiterated that denuclearisation of North Korea was necessary.
Source
The Hindu