Indo-japan Trade

Indo-Japan began trading many centuries ago at the time when Buddhism was introduced in Japan

. The trade relations flourished after establishment of diplomatic ties. After World War II, Japan was able to resurrect with the help of Indias ore export, in turn, Japan provided India Yen loans in the year 1958. And since then, a rock solid structured relationship forms the foundation of the India-Japanese trade relations today. Indias cooperation with Japan after war has been remaining a great deal when Japan returned to the international arena.

The business entities in both the countries are quite positive about bilateral trade and comprehensive economic development in other major sectors. The recent JBIC (Japan Bank of International Cooperation) survey shows that India has remained the most favorite destination for long term Japanese investment. Mr. Susumu Ushida, a senior economist from JBIC research institute was of opinion that Large number of Japanese companies are looking at India and other growing countries favorably. Major Japanese funds has been pouring in India by way off investment in many significant areas such as UTI, SBI Capital, shares and securities in major public and private companies. The boom in the Indian market has lead to high expectation for business opportunities by the Japanese nation.

Indo-Japan Trade Relations :

According to the industry body CII, Bilateral trade between India and Japan has been potentially doubled since 2002-03.

The Japan-India Business Leaders Forum felt the need of emphasizing on Economic Partnership Agreement (EPA) that would act as an institutional infrastructure to further accelerate and consolidate both the business activities cordially.

Recently, Prime Minister Man Mohan Singh visited Japan in October 2008; where India and Japan signed the Joint Statement on the Advancement of the Strategic and Global Partnership between India and Japan. This was made in the view to promote cooperation in a wide range of fields and obtain security cooperation between the two countries.

Moreover, the agreements and conventions were signed primary to strengthen the trade relations between the two countries mainly in the areas such as, Cultural and Heritage, Economic ties, Air Services, Trade and Commerce, Taxation, Science and Technology and Students Exchange Programme.

India and Japan have decided to jointly have one city in India known as a Solar City aiming to reduce its demand of conventional energy and generation from renewable energy installations.

In addition, India and Japan Governments have decided to ease the visa rules in a year to enhance the trade relations between the two nations and achieve development in the priority sectors such as defense and nuclear energy.

Both the nations have targeted trade of US $ 20 billion by the next year from more than $12 billion in 2008-09. Japan's two-way trade with China was worth $266.8 billion in 2008 whereas in the same year Indo-Japan bilateral trade stood at over US $ 13 billion. And in the year 2009, the bilateral trade between these two countries totaled at US$ 5.46 billion.

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http://www.made-from-india.com/article/India-Japan-Trade-Relations-591.html

by: Aniket Dicosta

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