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India has raised concerns with Japan over the rising trade deficit with the country following implementation of the bilateral comprehensive economic partnership agreement (CEPA) about two years ago.
It has sought more market access for Indian pharmaceuticals and agriculture and marine produce to help bridge the deficit.
Commerce and Industry Minister Anand Sharma in a meeting with Japanese Foreign Minister Fumio Kishida in Tokyo on Friday, pointed out that while trade was growing satisfactorily after the implementation of the CEPA, the increasing trade deficit was an area of great concern.
“The Minister specially urged for market access for Indian agricultural and marine produce and Indian pharmaceuticals,” an official release said.
India’s trade deficit with Japan was at $3.6 billion in 2010-11 before the CEPA was implemented and it almost doubled in 2012-13 to $6.3 billion. Its export to Japan in 2012-13 was $6.26 billion compared with imports of $12.50 billion.
India is keen to access Japan’s pharmaceuticals market, expected to touch $100 billion soon, as it holds a lot of scope for the country’s generic producers. Japan, as part of the CEPA, had promised easier registration procedures for Indian drug producers, but not much has moved on the ground.
Corridor project
Sharma also met Japanese Prime Minister Shinzo Abe and apprised him of the progress made in the implementation of the Delhi-Mumbai Industrial Corridor project, which was conceptualised during Abe’s 2007 to India.
“Abe expressed satisfaction over the amount of work put into the project and mentioned that Japanese companies are looking forward to partner with India in project implementation,” the release said.
Japan has already committed $4.5 billion in the first phase of project implementation, while India has committed an equal amount for development of infrastructure for creation of new industrial townships along the corridor. Japan has taken 26 per cent equity in the project.
The CEO of Japan Bank of International Cooperation (JBIC) Hiroshi Watanabe met Sharma and assured him of full financial support for the project and other infrastructure projects in India.
Sharma also met the Japanese Minister of Economy Trade and Industry Toshimitsu Motegi. The Minister’s visit comes ahead of Prime Minister Manmohan Singh’s visit to Japan, the release said.
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