Japan and India renewed the Bilateral Swap Arrangement (BSA) effective today i.e Feb. 28, 2025).
The Bank of Japan, acting as agent for the Minister of Finance of Japan, and the Reserve Bank of India signed the second Amendment and Restatement Agreement of the BSA.
The BSA is a two-way arrangement where both authorities can swap their local currencies in exchange for the US Dollar. The size of the BSA remains unchanged, that is, up to 75 billion US Dollars.
Japan and India believe that the BSA, which aims to strengthen and complement other financial safety nets, will further deepen financial cooperation between the two countries and contribute to regional and global financial stability.
The number of Japanese companies registered in India are 1400 as of October, 2022 with manufacturing firms accounting for half the total.
Exports from Japan to India during this period were US$ 16.49 billion and imports were US$ 5.46 billion. India’s primary exports to Japan are petroleum products, organic chemicals; fish and crustaceans, molluscs and other aquatic invertebrates; nuclear reactors, boilers, machinery and mechanical appliances, parts thereof; vehicles other than railway or tramway rolling stock, and parts 8 and accessories thereof etc. India’s primary imports from Japan are machinery, electrical machinery, iron and steel products, plastic materials, non-ferrous metals, parts of motor vehicles etc.
India Japan Bilateral trade totaled US$ 21.96 billion during FY 2022- 23.
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