India wants to review, expand 15-year-old trade pact with Japan
India is seeking a formal review of its 15-year-old trade agreement with Japan to address a widening trade deficit and improve market access. Both nations have agreed to discuss making the pact more contemporary, though specific terms of reference remain to be negotiated.
Why it matters
The review is critical for India's trade strategy as it attempts to boost exports and balance its economic relationship with a key strategic partner.
NAGOYA: Govt Wednesday reiterated its demand for a review of the 15-year-old Comprehensive Economic Partnership Agreement with Japan to make it more contemporary and indicated its willingness to expand scope of the pact, which is seen to have failed in delivering gains to Indian goods and services exporters.India has been seeking a review of the agreement for several years but the Japanese side was holding out. A breakthrough of sorts was achieved last month when Prime Ministers of both countries said the two sides should discuss the pact and make it more contemporary.“I have also discussed it with my counterpart minister, and we are hoping to work towards further expanding the scope and providing new opportunities for this relationship to grow,” Goyal said a day after he met Japan’s minister of economy, trade and industry Akazawa Ryosei.As the next step India and Japan have to agree to the scope of…
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