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India and Japan to boost their $19bn trade

Staff writer ▼ | June 7, 2013
Indian and Japanese trade bodies signed a memorandum of understanding to promote bilateral trade and business ties.
India Japan
India JapanIndian and Japanese trade bodies signed a memorandum of understanding to promote bilateral trade and business ties.


During the financial year 2012-2013, bilateral trade was $18.77 billion, only a marginal increase over the previous financial year and India's exports to Japan declined 0.9 percent while its imports from Japan rose 3.7 percent.

The agreement between the Federation of Indian Export Organisations and the Japan External Trade Organization will also lead to sharing of information among the business communities and facilitating new trade avenues in each other's country.

The memorandum was signed between Naoyoshi Noguchi, JETRO chief general manager, and Ajay Sahai, FIEO director general, in New Delhi, FIEO Vice President Amit Goyal said. The understanding will help in efforts by both trade bodies to promote and strengthen business relations between the two countries with more business match-making events, seminars, exchange of trade information and participation in trade exhibitions.

India and Japan have long been trading partners, but the trade balance has always been in Japan's favor. In 2011, the two countries signed a comprehensive economic partnership agreement to promote bilateral trade, but bilateral trade has yet to reach the vast potential the two countries possess.

India primarily exports petroleum products, iron ore, gems and jewelry, marine products, oil meals and organic and inorganic chemicals to Japan and imports mainly machinery, transport equipment, iron and steel, electronic goods, organic chemicals and machine tools from Japan.


 

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