India Trade Agreement With Japan

Japan is the third largest investor in the Indian economy, with cumulative FDI inflows of $30.27 billion over the 2000-2019 period, contributing 7.2% of India`s total FDI flows over the same period. Imports from Japan to India totaled $12.77 billion in 2018/2019, making it India`s 14th largest import partner. [34] Relations between India and Japan have traditionally been strong. Indians and Japan engaged in cultural exchanges, particularly as a result of Buddhism that spread indirectly from India to Japan, china and Korea. Indians and Japan are guided by common cultural traditions, such as the heritage of Buddhism, and share a strong commitment to the ideals of democracy, tolerance, pluralism and open societies. India and Japan, two of Asia`s largest and oldest democracies, which are in close agreement with political, economic and strategic interests, see each other as partners responsible for global and regional challenges and capable of addressing global and regional challenges. India is the main recipient of Japanese aid and the two countries have a special relationship with official development assistance (ODA). [1] In 2017, bilateral trade between India and Japan amounted to $17.63 billion. After a meeting in Berlin, German Chancellor Angela Merkel and Indian Prime Minister Manmohan Singh announced that they would increase bilateral trade by more than 50% over the next two years. (11.12.2010) Kenichi Yoshida, Director of Softbridge Solutions Japan, said in late 2009 that Indian engineers will become the backbone of the Japanese IT industry and that « it is important for Japanese industry to cooperate with India. » According to the memorandum, a three-year visa is issued immediately to any Japanese who comes to India for business or business, and similar procedures are followed by Japan. Another highlight of the visit is the removal of tariffs on 94% of trade between the two nations over the next ten years. Under the agreement, tariffs on nearly 90 percent of Japan`s exports to India will be eliminated, and 97 percent of Indian exports to Japan Trade between the two nations has also increased steadily.

[Citation required] Modi visited Japan for the second time in November 2016 as prime minister. During the meeting, India and Japan signed a « Cooperation Agreement on the Peaceful Use of Nuclear Energy, » a civil nuclear agreement that will allow Japan to supply nuclear reactors, fuels and technologies to India. India is not a signatory to the Non-Proliferation Treaty and is the only non-signatory to benefit from a waiver to Japan. [32] The two sides also signed agreements on production skills development in India, cooperation in space, earth sciences, agriculture and forestry, fisheries, transport and urban development. [33] Companies that have been waiting for the agreement since negotiations began in January 2007 welcome the signing. Tadashi Okamura, president of Japan`s Chamber of Commerce and Industry, said the agreement would « develop complementary relationships. » For India, the pact « would provide a comprehensive framework to promote our economic cooperation for both trade and investment, » Sharma said. He added: « It will be worth it for India and for Japan. » Japan and India signed a bilateral free trade agreement that would eliminate tariffs on more than 90% of trade for a decade. In 2014, Indian Prime Minister Narendra Modi visited Japan.

During his tenure as Gujarat`s chief minister, Modi had maintained good relations with Japanese Prime Minister Shinzo Abe. His visit in 2014 continued to strengthen ties between the two countries and led to several important agreements, including the establishment of a « Special Strategic Global Partnership ». [30] [31] A sector that is not often mentioned in connection with China`s economic growth is tourism.