**Japan and India Sign Major Economic Cooperation Agreement**
February 21: On February 16, Japan and India signed a landmark Economic Partnership Agreement (EPA) in Tokyo, aimed at boosting trade and investment between the two nations. The agreement marks a significant step toward greater economic integration, with tariffs on 94% of bilateral trade goods set to be gradually eliminated over the next decade.
The deal was signed by Japanese Foreign Minister Maehara Maeda and Indian Commerce and Industry Minister Shri Anand Sharma during his visit to Japan. Former Prime Minister Shinzo Abe expressed hope that the agreement would solidify Japan and India as strategic partners, working together for mutual growth and development. Sharma emphasized the importance of the partnership not just for Asia, but for the global economy, adding that India's growing market is eager to welcome Japanese businesses.
The EPA covers a wide range of areas, including trade, investment, intellectual property rights, government procurement, environmental cooperation, and the exchange of service sector professionals. Once ratified by the Japanese parliament, it will become Japan’s 12th such agreement. With this deal, Japan joins South Korea and Singapore as Asian countries that have established economic partnerships with India.
Under the terms of the agreement, Japan will eliminate tariffs on auto parts, steel, and machinery exports to India within 10 years. However, agricultural products like rice, wheat, beef, and pork will remain subject to tariffs. In return, India has pledged to offer Japanese companies national treatment, meaning they will receive the same benefits as local firms, encouraging increased Japanese investment in India.
Negotiations for the EPA began in 2007, and the final agreement was reached during Indian Prime Minister Manmohan Singh’s visit to Japan in October 2010. Currently, Japan is India’s fifth-largest trading partner. Bilateral trade in the fiscal year 2009-2010 totaled $10.36 billion, a 5% decline from the previous year.
Indian media, including *The Economic Times*, note that the EPA could open new markets for Indian textiles, pharmaceuticals, and services in Japan. However, Indian auto parts manufacturers may face increased competition from Japanese firms.
The Japanese government had previously outlined its commitment to strengthening economic ties through the "Basic Policy for Economic Cooperation" in November 2010. Analysts suggest that the agreement will help Japan tap into India’s vast consumer market of over 1.2 billion people, while also enhancing its regional influence. For India, expanding trade agreements with Asian partners is part of a broader strategy to diversify its trade routes and boost economic growth.
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