The details of the total trade
carried out between India and Japan during the last five years is as under:-
Values in US $ Millions
(as on 29.7.2013)
|
S.No.
|
\Year
|
2008-2009
|
2009-2010
|
2010-2011
|
2011-2012
|
2012-2013
|
|
1.
|
EXPORT
|
3,025.70
|
3,629.54
|
5,091.24
|
6,328.54
|
6,099.06
|
|
2.
|
%Growth
|
|
19.96
|
40.27
|
24.30
|
-3.63
|
|
3.
|
%Share in total exports of India
|
1.63
|
2.03
|
2.03
|
2.07
|
2.03
|
|
4.
|
IMPORT
|
7,886.27
|
6,734.18
|
8,632.03
|
12,100.57
|
12,514.07
|
|
5.
|
%Growth
|
|
-14.61
|
28.18
|
40.18
|
3.42
|
|
6.
|
%Share in total imports of India
|
2.60
|
2.34
|
2.33
|
2.47
|
2.54
|
|
7.
|
TOTAL TRADE
|
10,911.97
|
10,363.72
|
13,723.27
|
18,429.10
|
18,613.14
|
|
8.
|
%Growth
|
|
-5.02
|
32.42
|
34.29
|
1.00
|
|
9.
|
%Share in total trade of India
|
2.23
|
2.22
|
2.21
|
2.32
|
2.35
|
|
10.
|
TRADE BALANCE
|
-4860.57
|
-3104.64
|
-3540.79
|
-5772.03
|
-6415.01
|
(source:DGCI&S, Kolkata)
A
Comprehensive Economic Partnership Agreement (CEPA) was signed between India
and Japan on 16th February 2011 and it came into force from 1st
August, 2011. The salient features of India-Japan CEPA are as follows:
·
The Agreement is most comprehensive of all the agreements
concluded by India so far as it covers more than 90% of the bilateral trade
between India and Japan. Japan and India have liberalized 92 % and 87.16% of
tariff lines at six digits respectively.
·
The agreement covers Goods, Services, Rules of Origin,
Movement of Natural Persons, Telecom, Financial services, Investment, IPRs,
Government Procurement, Sanitary and Phytosanitary
Measures, Customs Procedures and Cooperation in other Areas.
·
India has offered only 17.4% of tariff lines for immediate
reduction of tariff to zero duty, as against 87% of tariff lines offered by
Japan for zero duty on 1st August, 2011.
·
From Indian side Tariff will be brought to zero duty in 10
years on 66.32% of tariff lines to give sufficient time to Industry to adjust
to the trade liberalization.
·
India’s exclusion list covers 12.84% of all tariff lines
and 9.9% of volume of trade, as against Japan’s exclusion list covering only 8%
of all tariff lines and 3% volume of trade.
·
CEPA provides for an institutional mechanism to encourage
and improve Business/investment environment. India seeks greater investment by
the Japanese companies.
Though there is no specific provision in the CEPA for reducing India’s
trade deficit with Japan, Free Trade Agreements (FTAs) promote stronger trade
and commercial ties between participating countries, and open up opportunities
for exporters and investors to expand their business in the tariff lines which
are opened or in which tariff is reduced.
The tariff lines are liberalized between the two countries thus giving
impetus to trade which can bring down trade deficit between the countries.
The information was given by the Minister
of State in the Ministry of Commerce and Industry Dr. D. Purandeswari
in a written reply in the Lok Sabha.
****
DS/SJM/RK