• Home
• About/Contact
• Economic Reports
• Research
• Advertising

• Business
• Economics
• Reports
• Finance
• Marketing
• Politics
• Real Estate
• Services
• Retail
• Tech

Japan and India to start free trade talks next week

In a speech delivered to the Lower House of Japan’s Diet on December 14, India’s Prime Minister, Dr Manmohan Singh said:

Economic ties must be the bedrock of our relationship and a strong push is required in this area. Our trade and investment ties are well below potential. This must change. In contrast, India’s trade with China and Korea is booming, and grew last year at around 40 percent with both countries. China’s trade with India is nearly three times India’s trade with Japan and Korea’s trade with India is almost equal to Japan’s trade with India.

As I said, this must change. To exploit the full potential of our economic cooperation, we need strong efforts by our two governments, business and industry.

One major step in that direction will be taken next week, when Japan and India begin talks on a free trade agreement.

To put Prime Minister Singh’s comments in numerical perspective: Bilateral trade between Japan and India in 2005 was approximately $6.2 billion; trade between Japan and China was $173.4 billion in the same year.

A Japanese delegation will be traveling to New Delhi to begin talks. The Japanese side will be looking for India to lift its 100% tariffs on Japanese autos, and the Indian side will be seeking a reduction in tariffs on shrimp and more relaxed visa rules for medical care professionals and engineers from India who wish to work in Japan.

Yesterday, in a release issued by the Japan-India Business Cooperation Committee, Chairman Nobuo Ohashi said:

The JIBCC is committed to continuing its active cooperation in government-level dialogue and to furthering exchanges between the business communities of our two nations.

Prime Minister Singh, in the same speech, also observed:

I believe the number of Indian restaurants in Japan has increased phenomenally. I assure you that sushi and tempura are equally becoming popular in India.

I wonder if they brought Singh over to Takadanobaba, where a new Indian shop seems to open every few days. At least there are no longer any lines at lunchtime…

Comments

Copyright © 2006-2008 Japan Economy News

Disclaimer