New Delhi, Apr 6 The government on Wednesday said India’s trade with Japan, where massive earthquake and tsunami played havoc, has not been affected much.

“I think there has been some affect (of the crisis in Japan on trade), but of not an enormous magnitude,” Commerce and Industry Minister Mr Anand Sharma told reporters after the launch of a ‘Buyer’s Credit under NEIA’ scheme to promote project exports from India.

Ruling out any impact of the Japanese crisis on India’s overall trade, he exuded confidence that “whatever small losses” would happen to the bilateral commerce would be covered up as the world’s third largest economy recovers.

Following the natural disaster, implementation of the India-Japan Comprehensive Economic Partnership Agreement (CEPA) would get delayed. The pact aims to take the bilateral trade to $25 billion by 2015. The current trade is estimated at about $11 billion.

After achieving the $200 billion exports target for the fiscal 2009-10, the government now aims at least $450 billion overseas shipments by 2014.

Mr Sharma further said the NEIA scheme will go a long way in increasing project exports from India.

“Currently, not many projects exports are venturing out in overseas markets. In fact, the number of project exports is dwindling,” he said. Developing countries are the major markets for India’s project exports.

Under the scheme, direct credit would be extended to overseas buyers of projects from India.

“NEIA will lead to a substantial rise in exports. Credit period would normally be 5 to 8 years,” EXIM Bank Chairman and Managing Director MrT C A Ranganathan said.

Sources said a credit of about $2 billion would be extended under the scheme. However, a maximum of $ 100 million would be given towards one project. Project exports were about USD 10.5 billion in the recent years.

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