Takaichi, whose three-day trip to India ended Friday, said that officials from both countries should get together to take the next steps in reviewing the CEPA.
Both India's Narendra Modi and Takaichi agreed to modernise the CEPA, which came into force in 2011 but has come under scrutiny over its limited benefits for Indian exporters.
"The existing CEPA between the two countries is somewhat dated, especially in the context of new trade arrangements that are now being struck across the world. We have in fact made the proposal to our Japanese colleagues in recent times that maybe it is time to look at the upgrade and review its provisions," Indian foreign secretary Vikram Misri told a press briefing.
The two leaders also signed their first-ever defence co-development project.
"Today, we have signed an agreement on the first co-development project between India and Japan in the defence sector. This project for a naval radio antenna will open a new chapter in our defence technology partnership," Modi said as reported by The New Indian Express.
The pact relates to the Unified Complex Radio Antenna (UNICORN) project, a next-generation naval communications system designed to provide secure and reliable communications for warships.
