CURRENT AFFAIRS

Detailed explanation-1: -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.

Detailed explanation-2: -Japan and India renews Bilateral Swap Arrangement of up to $75 billion.

Detailed explanation-3: -Today, India and Japan share a global vision of peace, stability and shared prosperity, based on sustainable development. Shared democratic values and commitment to human rights, pluralism, open society, and the rule of law underpin the global partnership between the two countries.

Detailed explanation-4: -The actual Bilateral Swap Arrangement (BSA) was signed between the Bank of Japan and the Reserve Bank of India in 2018. What does BSA between India and Japan mean? It means that Japan and India can borrow money from each other in either their currency i.e Indian Rupee or Japanese Yen or US Dollar.

Detailed explanation-5: -Japan’s bilateral trade with India, totaled US$ 17.63 billion in FY 2018-19. Exports from Japan to India during this period were US$ 12.77 billion and imports were US$ 4.86 billion. The bilateral trade between India and Japan for FY 2019-20 (April – December) totaled to US$ 11.87 billion.