India, Japan move closer to trade pact
anindya.m@ibtimes.co.in
India and Japan are making efforts to take forward negotiations on the proposed bilateral comprehensive economic partnership agreement (CEPA) by deciding to set up four working groups in goods, services, investment and bilateral cooperation.
The decision was taken during the first round of negotiations on India-Japan CEPA which concluded in New Delhi, February 2, with both sides agreeing on the terms of reference for future negotiations. The second round of negotiations will be held in April in Tokyo.
The joint study group (JSG) set up by the prime ministers of India and Japan to study the feasibility of a bilateral agreement had recommended that a CEPA including goods, services and investment between the two countries was feasible and would go a long way in boosting trade and economic activity.
India's exports to Japan in 2005-06 were valued at US$ 2.4 billion while imports stood at US$ 3.5 billion.
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