A new Foreign and Defence Ministerial Dialogue, termed 2+2, was also announced to supplement an already formidable array of bilateral dialogue mechanisms that include the Annual Defence Ministerial Dialogue, Defence Policy Dialogue and the National Security Advisers Dialogue.
And although India is hardly a central player on the issue, Japan's Foreign Ministry released a statement that has become nearly de rigeur whenever Abe meets global leaders, stating that the two agreed to cooperate on North Korean denuclearization.
Relations with China are a major issue shared by Modi and Abe, as their cooperation might balance China's growing regional influence and military assertiveness.
Modi and Abe said that there is a need for stronger worldwide partnership in countering terrorism and violent extremism and called upon all countries to work towards rooting out terrorist safe havens and infrastructure, disrupting terrorist networks and financing channels, and halting cross-border movement of terrorists. The world is appreciating India for its efforts towards services towards humanity. "My best wishes are with you", PM Modi said, ahead of the commencement of the Diwali festivities back in India.
The prime minister leaves for India later today.
The PM also particularly thanked his Japanese counterpart for the special reception accorded to him at Yamanashi Prefecture.
China is a strategic and economic rival of India.
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In an interview with Kyodo News on Friday in New Delhi, Modi said his two days of discussions with Abe "will be an opportunity to review our ongoing cooperation and discuss ways for expanding our relationship for promoting peace, progress and prosperity throughout the Indo-Pacific region and beyond".
This is PM Modi's third visit to Japan as Prime Minister. We sent Chandrayaan and Mangalyaan at very low expense.
He said that even the states in India are competing among themselves over Ease of Doing Business.
Modi was given a guard of honour upon his arrival for the annual summit talks at the Kantei, the Prime Minister's Official Residence.
In another sign of closer relations, India and Japan are to hold their first joint military exercises involving ground forces, starting next month. "In Gujarat, Sardar sahab's statue - the tallest in the world is being built", said Modi addressing to Indian diaspora.
"India is going through a massive transformative phase and worldwide agencies say the country will drive the growth of the global economy in the coming decade", he told the gathering. On September 6, Foreign Minister Sushma Swaraj and Defence Minister Nirmala Sitharaman held the first edition of the "2+2" dialogue with their United States counterparts Michael Pompeo and James Mattis in New Delhi.
The two leaders reaffirmed their commitment to achieve a free and open Indo-Pacific. The Indian PM is one of the 18 persons Abe follows on Twitter. The Indian prime minister later took an express train to Tokyo and also visited Japan's largest facility for building industrial robots.