Anand Sharma Meets a Delegation of Senior Japanese Editors.

Press Information Bureau

Government of India

Ministry of Commerce & Industry

01-November-2011 18:28 IST

Anand Sharma Meets a Delegation of Senior Japanese Editors

The Union Minister of Trade Industry and Textiles met a delegation of 13 editors and senior journalists from Kyodo News and its members representing different media organizations in Japan here today. During his interaction Shri Sharma appraised the delegation about the various steps that have been taken in the recent times to maintain the momentum of economic growth in India and steps taken to deepen the trade ties with the world in general and in Japan in particular.

The Minister informed that the bilateral trade between India and Japan during the year 2008-09 was of the volume of USD 10.91 billion. During the year 2009-10 the bilateral trade slightly declined to USD 10.36 billion. The bilateral trade during the year 2010-11 was of USD 13.362 billion. He also highlighted that historic Comprehensive Economic Partnership Agreement (CEPA) was signed between India and Japan on 16th February 2011. This Agreement has come into force from 1st August, 2011. The CEPA is most comprehensive of all the agreements concluded by India so far as it covers more than 90% of the trade. The Japanese side has put 87% of their tariff lines under immediate tariff liberalization (zero duty when CEPA comes into force). A large number of these items are of India’s export interest e.g. seafood, agricultural products such as mangoes, citrus fruits, spices, instant tea, most spirits such as rum, whiskies, vodka, etc. textile products such as woven fabrics, yarns, synthetic yarn, readymade garments, petro chemical &chemicals products , cement jewellary, etc. Under India-Japan CEPA the Japanese government shall accord no less favorable treatment to the applications of Indian companies than that it accords to the like applications of its own persons. This will greatly help Indian Pharmaceutical companies. Under India-Japan CEPA, Indian professionals will be able to provide their services and contribute towards further development of Japan’s IT Sector. The Minister said that the agreement signifies the stability of our policy regime to our investment partner. Japanese investment is important not only from the financial resources point of view but also due to the embodied high technology and quality management practices. Under India-Japan CEPA India will be benefited by Japanese investments, technology and the world class management practices that come with it. Japan’s Business community will get access to huge Indian market for their manufactured goods.

Shri Sharma lauded Japan’s contribution in many infrastructure projects such as Delhi Metro and Delhi Mumbai Industrial Corridor. He also appreciated Japan’s interest in recently approved National manufacturing Policy. He praised the Japan’s resilience in the aftermath of recent natural calamity and expressed India’s solidarity with Japan.

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