NEW DELHI(PTI): Prime Minister Narendra Modi and his Japanese counterpart Fumio Kishida on Monday vowed to expand the India-Japan global strategic partnership, holding that it is important for a peaceful, stable and prosperous Indo-Pacific besides benefitting the two countries in diverse areas.

The Japanese prime minister arrived in Delhi this morning on a nearly 27-hour visit amid global geopolitical turmoil over the Ukraine conflict and increasing concerns over China's aggressive behaviour in the Indo-Pacific.

In his media statement, Modi referred to India's presidency of the G20 and Japan chairing the G7 grouping, and said it is the best opportunity to work together on priorities of both sides for global good.

Modi said he briefed Prime Minister Kishida extensively about priorities of the Indian presidency of G20.

The prime minister said the India-Japan Special strategic and global partnership is based on the democratic principles and respect for international rule of law and that it is important for the Indo-Pacific as well.

Modi said the two sides reviewed progress in bilateral relations especially in areas of defence, digital technology, trade and investment and health among others.

He said both sides also discussed the importance of reliable supply chains for semi-conductors and other critical technologies.

In his remarks, Kishida said Tokyo's economic cooperation with New Delhi continues to grow rapidly and it will not only support further development of India but create significant economic opportunities for Japan.

I will unveil today on Indian soil my plan for a free and open Indo-Pacific, Kishida said.

The Japanese prime minister said he formally invited Modi for the G7 summit in May and that his Indian counterpart accepted the invite.

During his visit to India in March last year, Kishida announced an investment target of five trillion Yen (Rs 3,20,000 crore) in India over the next five years.

India-Japan relations were elevated to 'Global Partnership' in 2000, 'Strategic and Global Partnership' in 2006, and 'Special Strategic and Global Partnership' in 2014.

Regular annual summits have been held between the leaders of the two countries since 2006.

Japan is a very close partner of India with which it has both an annual summit and a '2+2' foreign and defence ministerial dialogues.

Last year, Prime Minister Modi and Kishida met three times.

Kishida visited India for the 14th annual summit in March and Modi visited Tokyo in May for the Quad Summit and in September for the state funeral of former Prime Minister Shinzo Abe.

Defence and security cooperation has emerged as one of the most important pillars of the special strategic and global partnership and an important factor in ensuring peace and stability in the Indo-Pacific region.

The bilateral trade between the two sides stood at USD 20.75 billion last year, which was the largest ever.

India and Japan have a Comprehensive Economic Partnership Agreement (CEPA) since 2011.

The agreement covers not only trade in goods but also services, movement of natural persons, investments, intellectual property rights, custom procedures and other trade-related issues.