Japan India Trade Agreement

Tourism is a sector that is not often mentioned in the context of China`s economic growth. Recently, Taiwan and China signed their largest free trade agreement of all time and there is now talk of a free travel agreement. (28.10.2010) For India, the pact ”would provide a comprehensive framework to promote our economic cooperation, both trade and investment,” Sharma said. He adds: ”It`s going to be worth it for both India and Japan.” After a meeting in Berlin, German Chancellor Angela Merkel and Indian Prime Minister Manmohan Singh announced their goal of increasing bilateral trade by more than 50% over the next two years. (11.12.2010) India is the 12th country to sign a free trade agreement with Japan and the largest to date by country. Despite the size of their economies, Japan and India had limited trade, which amounted to about $15 billion in 2010, only 1% of Japan`s global trade. The economy, which had been waiting for the agreement since the start of negotiations in January 2007, welcomes this signing. Tadashi Okamura, president of the Japan Chamber of Commerce and Industry, says the deal ”would develop complementary relations.” Products from India`s mining, fishing and some agricultural products are expected to lift their tariffs. India will maintain tariffs on mounted vehicles to protect its auto industry, but will gradually remove trade barriers for auto parts.

Japan and India have signed a bilateral free trade agreement that would eliminate tariffs on more than 90 percent of trade for a decade. Given that Indonesian President Yudhoyono is in India, the two countries pledged to strengthen their cooperation in the fight against terrorism through the signing of an extradition treaty and announced the opening of free trade negotiations. (25.01.2011) Delhi has concluded free trade agreements with the Association of Southeast Asian Nations (ASEAN), Sri Lanka and other bilateral agreements with Malaysia and Thailand. It has a broader economic agreement with South Korea. India also expects to sign an agreement with the European Union before the end of the year. ”We expect the Indian market to grow rapidly this year,” says Okamura. ”Our challenge is how Japanese companies could meet the increase in demand.”

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