New Delhi, April 30 (IANS): India and Japan on Thursday signed a five-point action agenda to increase bilateral trade and investment.

The five-point agenda includes development of selected townships in India as Japanese industrial townships, promotion of investment and infrastructure development, further development and cooperation in IT sector, enhancing cooperation in strategic sectors and Asia-Pacific economic integration.

Commerce Minister Nirmala Sitharaman and visiting Japanese Trade and Industry Minister Yoichi Miyazawa signed the agenda agreement.

"Signing of the action agenda is in line with Prime Minister Narendra Modi's vision of 'Make in India'," said Sitharaman, according to a commerce ministry release.

"I believe that agreements in these agendas are a historic milestone in the economic relations between India and Japan. I hope that India and Japan can move as one. We will take action and make progress in these areas," Miyazawa said.

According to Sitharaman, the interaction with her Japanese counterpart involved not only both the countries but also had a partnership and dialogue component involving business delegations of both countries.

Bilateral trade stood at $16.29 billion in 2013-14. Between April 2000 and February 2015, India has received $18 billion as foreign direct investment from Japan.