The Indian government has approved a draft economic partnership agreement with Japan ready for signature later this month.
Prime minister Manmohan Singh will visit Japan on October 24 for top level discussions and it is now expected that the free trade agreement with Japan will be signed then. Negotiations have taken three years and the main issues to be resolved included tariffs on vehicle parts from Japan to India, and clearance of India’s generic medicine exports.
The Japanese foreign minister has reported that the agreement will eliminate or reduce about 94% of tariffs on the bilateral trade over a ten year period and the agreement also covers investments. Agriculture and certain employment sensitive sectors were excluded from the agreement.
Japan-India trade was USD11bn in 2009 according to Japanese government statistics, and the agreement could boost trade tenfold, but this would still fall short of current Sino-Japanese trade.
.Tags: investment | trade | tariffs | investment treaty | free trade agreement (FTA) | India | Japan | Japan | India
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