Industry & Economy
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Foreign Trade
India, Japan agree to step up trade
Our Bureau
New Delhi
,
Aug. 26
INDIA and Japan have resolved to enlarge bilateral trade and investment from the current low levels and underlined the need to evolve a suitable mechanism in this regard.
This was indicated during a meeting here between the Union Commerce and Industry Minister, Mr Kamal Nath, and the Minister of Economy, Trade and Energy of Japan, Mr Shoichi Nakagawa.
Both the Ministers voiced concern over what Mr Nath characterised as "flattening out" of bilateral trade between the two countries, which declined from the level of $4 billion in 1997-98 to $3.7 billion in 2002-03.
While Japan's share in India's overall trade is 3.10 per cent, India's share in Japan's global trade is less than 0.5 per cent.
Mr Nakagawa said that Japanese business community had specific areas of interest in terms of trade and investment and pointed out the areas of energy, automobile and textiles as the sectors for co-operation.
He noted that Japan imported almost100 per cent of its iron and ore minerals and requested to extend the contract of Indian supply to Japan.
Mr Nath said the old agreement with Japan for the supply of iron and ore was valid till 2006.
Major items which have registered growth in exports to Japan include oil meals, primary and semi-finished iron and steel, ferro alloys, plastic and linoleum products and project goods, an official release said.
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