India organizes trade fair in Japan; a step to overcome deficit concerns
Updated: Jun 07, 2013 02:47:52pm
New Delhi, Jun 7 (KNN) In a bid to enhance the country’s trade, India Trade Promotion Organization (ITPO) has organised a trade fair of garments and home furnishings in Japan that boasts the world’s second largest developed economy.
This will be ITPO’s 34th India Garment Fair (IGF) and 24th India Home Furnishings Fair (IHF) which will be organised as twin events over three days starting from July-24 at Mydome Osaka.
Over 100 Indian exhibitors will showcase their products, trends and innovations to sizeable trade visitors from Japan.
The range of products to be showcased in the garment exhibition according to ITPO are men’s wear, women’s wear, children’s wear, fashion accessories like shawls, stoles, belts, bags, fabrics for garments; while the home furnishing fair will feature interior fabrics, bed linen, table, linen, kitchen linen, cushion covers, rugs, etc.
In the wake of increasing the visibility of India products internationally, ITPO has called for bids for construction, decoration and allied services of India Garment Fair and India Home Furnishings Fair pavilions in Osaka in Japan.
The main objective of the bid is to create an international standards construction and decoration arrangement and provide other facilities for the benefit of exhibitors and buyers or visitors of apparels, garments and home furnishings etc., who shall be visiting the twin events.
In 2011, the two countries had signed a comprehensive economic partnership agreement to promote bilateral trade, but bilateral trade has yet to reach the vast potential the two countries possess.
Investments from Japan into India are compensating for the widening trade deficit between the two countries following implementation of the free trade agreement in 2011, a Japanese official said earlier this week.
"If we look at the relationship in its totality, we can conclude that on a capital transfer basis, the investment flow from Japan to India has more than compensated the trade deficit," Tamaki Tsukada, Minister of Economic, Embassy of Japan in India said here at a FIEO function earlier this week.
On trade he said that, since 2002, bilateral commerce between the countries has increased by six times. Currently it stood at USD 18.77 billion.
While, India's imports from Japan has increased by over 3 per cent to USD 12.5 billion the last fiscal, the country's exports to Japan declined to USD 6.26 billion during the last fiscal, from USD 6.32 billion in 2011-12.
Tsukada said that Japanese investment into India had increased seven fold between 2008 and 2012 and Japan was the third largest source of investment for India.
Emerging market mostly export to developed nations in the global economy. With these emerging markets experiencing an economic slowdown, the demand also weakens in these developed countries.
A slowdown in key markets, such as the US and Eurozone has hurt demand for its exports from Japan, one of the biggest drivers of Japanese growth.
Slowing growth and anti-Japan protests in China - Japan's biggest trading partner - have further impacted its export sector.
So, Japan has been trying to improve its trade relations with the developing countries like India. These factors have increased the room for Japanese products in India and vice versa.
During the financial year 2012-13, bilateral trade was USD18.77 billion, only a marginal increase over the previous financial year.
India's trade deficit with Japan stood at over USD 6 billion in 2012-13.
India's imports from Japan, with which it implemented a comprehensive free trade agreement in 2011, increased by over 3 per cent to USD 12.5 billion last fiscal.
On the other hand, the country's exports to Japan declined to USD 6.26 billion during the last fiscal from USD 6.32 billion in 2011-12.
Expressing concern over widening trade deficit, India had even sought from Japan more market access for its exporters in sectors like agriculture, marine product and pharmaceuticals.
The matter was raised by visiting Commerce and Industry Minister Anand Sharma with Japanese Foreign Minister Fumio Kishida during his two days visit to Japan last month.
India primarily exports petroleum products, iron ore, gems and jewellery, marine products, oil meals and organic and inorganic chemicals to Japan and imports mainly machinery, transport equipment, iron and steel, electronic goods, organic chemicals and machine tools from Japan. (KNN)
This will be ITPO’s 34th India Garment Fair (IGF) and 24th India Home Furnishings Fair (IHF) which will be organised as twin events over three days starting from July-24 at Mydome Osaka.
Over 100 Indian exhibitors will showcase their products, trends and innovations to sizeable trade visitors from Japan.
The range of products to be showcased in the garment exhibition according to ITPO are men’s wear, women’s wear, children’s wear, fashion accessories like shawls, stoles, belts, bags, fabrics for garments; while the home furnishing fair will feature interior fabrics, bed linen, table, linen, kitchen linen, cushion covers, rugs, etc.
In the wake of increasing the visibility of India products internationally, ITPO has called for bids for construction, decoration and allied services of India Garment Fair and India Home Furnishings Fair pavilions in Osaka in Japan.
The main objective of the bid is to create an international standards construction and decoration arrangement and provide other facilities for the benefit of exhibitors and buyers or visitors of apparels, garments and home furnishings etc., who shall be visiting the twin events.
In 2011, the two countries had signed a comprehensive economic partnership agreement to promote bilateral trade, but bilateral trade has yet to reach the vast potential the two countries possess.
Investments from Japan into India are compensating for the widening trade deficit between the two countries following implementation of the free trade agreement in 2011, a Japanese official said earlier this week.
"If we look at the relationship in its totality, we can conclude that on a capital transfer basis, the investment flow from Japan to India has more than compensated the trade deficit," Tamaki Tsukada, Minister of Economic, Embassy of Japan in India said here at a FIEO function earlier this week.
On trade he said that, since 2002, bilateral commerce between the countries has increased by six times. Currently it stood at USD 18.77 billion.
While, India's imports from Japan has increased by over 3 per cent to USD 12.5 billion the last fiscal, the country's exports to Japan declined to USD 6.26 billion during the last fiscal, from USD 6.32 billion in 2011-12.
Tsukada said that Japanese investment into India had increased seven fold between 2008 and 2012 and Japan was the third largest source of investment for India.
Emerging market mostly export to developed nations in the global economy. With these emerging markets experiencing an economic slowdown, the demand also weakens in these developed countries.
A slowdown in key markets, such as the US and Eurozone has hurt demand for its exports from Japan, one of the biggest drivers of Japanese growth.
Slowing growth and anti-Japan protests in China - Japan's biggest trading partner - have further impacted its export sector.
So, Japan has been trying to improve its trade relations with the developing countries like India. These factors have increased the room for Japanese products in India and vice versa.
During the financial year 2012-13, bilateral trade was USD18.77 billion, only a marginal increase over the previous financial year.
India's trade deficit with Japan stood at over USD 6 billion in 2012-13.
India's imports from Japan, with which it implemented a comprehensive free trade agreement in 2011, increased by over 3 per cent to USD 12.5 billion last fiscal.
On the other hand, the country's exports to Japan declined to USD 6.26 billion during the last fiscal from USD 6.32 billion in 2011-12.
Expressing concern over widening trade deficit, India had even sought from Japan more market access for its exporters in sectors like agriculture, marine product and pharmaceuticals.
The matter was raised by visiting Commerce and Industry Minister Anand Sharma with Japanese Foreign Minister Fumio Kishida during his two days visit to Japan last month.
India primarily exports petroleum products, iron ore, gems and jewellery, marine products, oil meals and organic and inorganic chemicals to Japan and imports mainly machinery, transport equipment, iron and steel, electronic goods, organic chemicals and machine tools from Japan. (KNN)
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