India wants Japan to remove trade barriers on pharmaceuticals
India wants Japan to remove trade barriers on pharmaceuticalsNew Delhi, May 17 (KNN) India today sought the removal of trade barriers in export of pharmaceuticals to Japan with which New Delhi runs a trade deficit of USD 6.23 billion.
The issue was raised by Commerce Minister Anand Sharma in Tokyo when he called on Japanese Prime Minister Shinzo Abe.
“The Commerce Minister flagged concerns of India relating to mounting trade deficit and specially urged for market access for Indian agricultural and marine produce and Indian pharmaceuticals. The Japanese pharma market is projected to grow to USD 100 billion and Indian generics can play a key role in providing affordable healthcare,” a Commerce Ministry statement said here.
Sharma is in Tokyo ahead of Prime Minister Manmohan Singh’s visit to Japan.
He briefed the Japanese Prime Minister about the progress made in the implementation of the USD 90 billion Delhi Mumbai Industrial Corridor (DMIC) project, which was conceptualised in 2007.
Japan has already committed USD 4.5 billion in the first phase of project implementation.
The Government of India has committed an equal amount for development of trunk infrastructure for creation of new industrial townships along the corridor.
Currently, Japan has taken 26 per cent equity in the Delhi Mumbai Industrial Corridor Development Corporation.
DMIC is aimed at creating mega industrial infrastructure along the Delhi-Mumbai Rail Freight Corridor, which is under implementation. Japan is also giving technical aid for the project, which will cover seven states totalling 1,483 km. (KNN)