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Top 10 global semiconductor manufacturers in H1 2022. Japanese companies dominate the list with a few brands from the U.S. and Netherlands

India and Japan are mutually important to each other and share some common goals. But there are differences, including in relations with Russia and China.

The current 14 IPEF members account for about 40% of world gross domestic product and 28% of the global goods and services trade.

While Japan and the United States recently agreed to coordinate in building a new rules-based economic order in the Indo-Pacific region to counter China's growing clout, whether the framework can prosper and remain effective largely depends on its members gaining concrete benefits, analysts said.

The outcomes of TICAD8 in Tunis, attended by some 20 African heads of state and government, reflect the clear aim of Japan to differentiate itself from China.