Financial Daily from THE HINDU group of publications
Monday, May 02, 2005
Financial Daily from THE HINDU group of publications Monday, May 02, 2005 |
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Industry & Economy
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Foreign Trade Eight-fold initiative to boost ties with Japan Our Bureau
New Delhi , May 1 IN an effort to realise the full potential of their global partnership, India and Japan have decided on an eight-fold initiative that includes comprehensive economic engagement through expansion of trade in goods and services, investment flows and other areas of economic co-operation, apart from exploration of an economic partnership agreement. This was agreed upon by the two nations in the joint statement issued at the conclusion of a three-day official visit of the Japanese Prime Minister, Mr Junichiro Koizumi, to India.The two countries also agreed that regionally they would strive to develop closer dialogue and collaboration to secure peace, stability, and prosperity in Asia, apart from exploring new architecture for closer regional co-operation. Similarly, globally India and Japan would strengthen co-operation in diverse areas such as environment, energy, disarmament, non-proliferation and security, taking advantage of, and further building on, their strategic convergences. Specific areas of co-operation identified in the joint statement include the launch of an oil and natural gas co-operation dialogue, and setting up of a joint study group to suggest measures to enhance trade and look into the feasibility of the two countries moving towards a liberalised and upgraded framework for economic engagement, including an India-Japan Economic Partnership agreement. It was also decided that the policy dialogue recently launched between the Ministry of Commerce and Industry and the Japanese METI would be utilised to identify and implement measures required for removing impediments and facilitating closer economic ties. The two countries would also examine whether the Japan Special Terms for Economic Partnership (STEP) scheme could be utilised for large-scale infrastructure projects in India. It was decided to examine the feasibility of a dedicated multi-modal high axle load freight corridor could be constructed on the Delhi-Mumbai and Delhi-Howrah routes. The two sides have also decided to increase air and shipping links. During his interactions with industrialists, the Japanese Prime Minister called on the business community of the two nations to tap the tremendous opportunities that exist between them. Mr Koizumi also disputed the notion that trade between the two countries was stagnating, and asserted that it was growing and heading in the right course. The Commerce and Industry Minister, Mr Kamal Nath, expressed confidence that India and Japan could easily reach a trade level of $10 billion within three years, given the complementarities of the two economies. Speaking on behalf of industry, the FICCI President, Mr Onkar Kanwar, said that there was a need to immediately initiate a dialogue on a Comprehensive Economic Co-operation Agreement. The fulcrum of the agreement, he said, could be a free trade agreement, to lift Indo-Japanese trade from $4 billion to $10 billion within three years.
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