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India, Japan discuss trade relations

Updated: Jul 30, 2016 11:21:45am
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India-Japan discusses trade relations

New Delhi, July 30 (KNN) To discuss the bilateral trade issues and economic relations, the 3rd meeting of the Joint Committee at the Secretary Level under the India-Japan CEPA (Comprehensive Economic Partnership Agreement) was held in New Delhi.

The Indian side was led by Rita Teaotia, Commerce Secretary and the Japanese delegation was headed by  Keiichi Katakami, Deputy Minister for Foreign Affairs, Ministry of Foreign Affairs, Government of Japan. 

The Indian side highlighted the various issues which need to be addressed by the Japanese side for providing greater market access to Indian Products in Japan, especially items with a high potential, like sesame seeds, marine products and pharmaceuticals

India has also sought recognition of the Indian Organic Standards by Japan. Though there have been increase in the number of work visas issued by Japan, after the cooperation agreement come into force, the market share of Indian IT Companies in the Japanese IT market is yet considered below potential and ways to improve this were discussed. 

The decision of Japan to reduce its increasing health care costs on account of its aging population and its decision to switch over to a higher share of generic medicines was seen as a potential opportunity for the Indian Pharma Industry, which is strong in generics.

The Japanese side raised several issues relating to taxation and investment concerns by the Japanese companies who are investing in India.

Both sides agreed for the need for higher cooperation in providing market access to Indian products in Japan and facilitating Japanese investments in India. (KNN Bureau)

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