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In order to better trade ties, India and Japan decided to conclude the talks on the Comprehensive Economic Partnership Agreement (CEPA) by next year. They are also trying to simplify the visa regulations.
While speaking in a joint press conference with Japanese Premier Yukio Hatoyama, the Indian Prime Minister Manmohan Singh stated “We have decided to expedite our negotiations on the CEPA in order to conclude a high quality and balanced agreement. We are hopeful that this can be completed in time for the next Annual Summit meeting”.
After a discussion on the wide range of issues, the leaders of both the nations asked their officials to take into account the “remaining issues” pertaining to the signing of the trade deal, negotiations for which started in the year 2007.
Supporting the views of Singh, the Japanese Premier said that CEPA needs to be concluded at earliest. He said “main concerns” that may impede the signing of the deal need to be sorted out as soon as possible. Service sector and pharmaceutical industry are the main areas that demand close attention.
It is expected that CEPA will boost trade between the two nations as far as urban infrastructure, renewable and energy effective technologies and advance technology are concerned. The Indian official data reveal that the bilateral trade for the year 2008-09 reached $10.6 billion, with imports registering $7.6 billion. In comparison to this, the two-way trade between India and China reached more than $40.6 billion.
It was said, “The two prime ministers shared the view that economic relations between India and Japan would develop even further as a result of the conclusion of the EPA/CEPA”.
The Indian Prime Minister said he talked to Hatoyama about India’s stand on the foreign investment in the country and that it is ready for Japanese investments; and Indian economic growth provides large opportunities to considerably boost the two-way trade and economic commitment.
At the same time, India urged Japan to ease its visa regulation to develop the trade investment and to facilitate communication between the people of both the countries. Singh told “I raised (with Hatoyama) the Japanese visa system and requested to have this looked into as the means promoting increased cooperation in trade, investment in particular in hi-technology areas”.
Hatoyama also requested India to cooperate in the matters of visa insurance procedures as maximum number of projects (in which Japanese citizens are also involved) were not only profitable for the two nations but for the world economy as well.
In this regard, India has taken substantial steps by providing the facility of visa on arrival for the citizens of Japan.
Assistance from Japan for Sahara project
The Sahara group is planning to turn its Aamby Valley City, which is located in Lonavala adjacent to Pune, into an environment-friendly and energy-efficient framework for the world with the help of Japan.
Managing worker and chairman of Sahara India Pariwar, Subrata Roy Sahara had a talk with Yukio Hatoyama on this in a meeting in Delhi.
The Financial Express
December 30, 2009
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