The governments of Japan and India started negotiating a comprehensive Economic Partnership Agreement in January 2007. They concluded the deal in 2011.
last update: May 2012
Photo: Government of India, licensed under the Government Open Data License - India (GODL)
India has sought a review of the India-Japan Comprehensive Economic Partnership Agreement (CEPA) to improve market access for Indian goods and check the growing bilateral trade imbalance.
Steel products should be excluded from the ambit of FTA with Japan and Korea as these countries are flooding the Indian market, taking advantage of concessional duty rates at the cost of domestic firms, industry body Assocham said today.
India has asked Japan to remove all non-tax barriers to help the domestic industry take advantage of the comprehensive free-trade agreement and increase share in the Japanese market.
Though it is too early to arrive at definite conclusions, the trend signals Tokyo successfully using tariff cuts to penetrate deeper into the Indian market for goods.
At a time when India and the EU are struggling to negotiate duty cuts on automobiles, New Delhi will drastically reduce tariffs on diesel engines and gear boxes from Japan under their free trade pact.
A free trade agreement between Japan and India, due to take effect on Monday, may help prevent some Japan companies from moving overseas through an increase in exports, a senior Japan Bank for International Cooperation official in New Delhi says.
Japan and India signed an economic agreement that will abolish tariffs on 94 percent of trade over 10 years as each country expands its investment in Asia.
With Japan and India having finally signed an economic partnership agreement Monday, Japanese companies are expected to go on the offensive in emerging markets where they face fierce competition from South Korean and other rivals.
India and Japan today signed agreements to boost mutual trade, investment and strategic partnership between the two major economies of Asia.
The pact is expected to open up access of Indian pharma companies to the Japanese drugs market. However sensitive farm products like rice have been kept out of the deal.