Indian textiles gain more market access in Japan

Business News Agency, February 21: Japan and India have signed a landmark Economic Partnership Agreement (EPA) in Tokyo on the 16th, marking a significant step toward enhancing trade and investment relations between the two nations. The agreement aims to gradually eliminate tariffs on 94% of goods traded between the two countries over the next decade, with most industrial products expected to face zero tariffs. The deal was signed by Japanese Foreign Minister Maehara Maeda and Indian Commerce and Industry Minister Suresh Prabhu during his visit to Tokyo. Former Prime Minister Shinzo Abe expressed hope that this agreement would solidify Japan and India as strategic partners, fostering mutual growth and shared prosperity. Sharma emphasized the importance of the bilateral relationship for Asia and the global economy, stating that India's rapidly growing economy is eager to welcome Japanese businesses. Beyond trade, the EPA also covers areas such as intellectual property rights, government procurement, environmental cooperation, and the exchange of professionals in the service sector. Once ratified by the Japanese parliament, it will be Japan’s 12th economic cooperation agreement. This move also positions Japan as one of the few Asian countries, alongside South Korea and Singapore, to have signed an EPA with India. Under the agreement, Japan will gradually remove tariffs on key exports like auto parts, steel, and machinery to India, while agricultural products such as rice, wheat, beef, and pork will remain subject to existing duties. In return, India has pledged to offer Japanese companies national treatment both before and after investment, ensuring they enjoy the same benefits as local firms. This is expected to boost Japanese investments in India. Negotiations for the EPA began in early 2007, and the final deal was announced during Indian Prime Minister Manmohan Singh’s visit to Japan last October. Currently, Japan is India’s fifth-largest trading partner. According to data from the Indian side, bilateral trade in fiscal year 2009-2010 reached $10.36 billion, a 5% decline from the previous year. Indian media, including *The Economic Times*, noted that the EPA could open new opportunities for India’s textile, pharmaceutical, and service sectors in Japan. However, it may also increase competition for Indian auto parts manufacturers. Japan’s “Basic Policy for Economic Cooperation,” approved in November last year, emphasized strengthening such agreements. Japanese analysts believe the EPA could help Japan tap into India’s vast market of 1.2 billion people, boosting trade and investment. For India, expanding economic ties with Asian partners is a key strategy to diversify its trade relationships and enhance its global standing. This agreement not only strengthens economic links but also reinforces political and strategic cooperation between two major Asian powers.

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