India, Japan Trade Ministers Discuss Review of CEPA Ahead of PMs Meet

New Delhi: Trade ministers of India and Japan on Tuesday raised the issue of trade deficit between the two countries and took up the review of the Comprehensive Economic Partnership Agreement, ahead of the meeting of Prime Minister Narendra Modi and his Japanese counterpart Shinzo Abe next week.

In the hour-long meeting, Commerce and Industry Minister Piyush Goyal conveyed to Japanese Trade and Industry Minister Hiroshi Kajiyama that “market access for India’s goods and services with partner countries is very important but despite commitments in CEPA from Japan, market access for India’s goods and services remains elusive”.

According to an official statement, Goyal also raised the issue of trade deficit between India and Japan and review of the Comprehensive Economic Partnership Agreement (CEPA) between the two countries.

“Commerce and Industry Minister informed the Minister of Economy, Trade and Industry of Japan that balancing trade is a high priority for India with all partners. Similarly, market access for India’s goods and services with partner countries is very important but despite commitments in CEPA from Japan, market access for India’s goods and services remains elusive,” the Commerce Ministry statement said.

Both ministers tasked officials of both the countries to prepare a time-bound action plan to address all these issues to strengthen Indo-Japan trade relations.

Goyal and Japan’s Minister of Economy, Trade and Industry (METI) Hiroshi Kajiyama met here prior to the meeting between Modi and Abe in Guwahati on December 16.

Senior officials of the ministries of commerce and industry and external affairs were part of the Indian delegation. The Japanese side comprised officials of the Japanese Trade Policy Bureau, METI and the Japanese Embassy in New Delhi.

Source: ET

Image Courtesy: Bloomberg