Japan to strengthen trade with India

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Monday, 24th January 2011
In General Japan News,

Japan to strengthen trade with India

Japan and India are set to increase trade relationships with a new agreement.

The creation of a Comprehensive Economic Partnership Agreement (CEPA) could increase cooperation between the two nations in a range of projects including rare earth mining and infrastructure development, reports IANS.

According to Hideichi Okada, vice-minister for international affairs at the Japanese ministry of economy, trade and industry, two key Japanese companies are already involved in a project close to Chennai.

He added: "The two countries are progressing well to conclude CEPA. We are expecting the visit of commerce and industry minister Anand Sharma to Tokyo soon."

Japanese authorities have also agreed to lower tariffs and reduce restrictions on the work permits issued to Indians entering Japan.

Mr Okada also stressed that the Japanese economy is currently experiencing a growth rate of around 1.5 per cent, which is a similar rate to those in other advanced economies.

Meanwhile, a new Letter of Intent will be agreed with Tamil Nadu government to allow around 400 Japanese companies to operate in the region by the end of the year.

Written by Mark Smith.