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Tuesday, August 2, 2011
INDO-NIPPON TIES: India, Japan open markets!
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Commerce Secretary Rahul Khullar and Japanese Ambassador Akitaka Saiki exchange documents after signing an agreement during the first meeting of Joint Committee of India- Japan CEPA , in New Delhi on Monday. Photo Rajeev Bhatt, The Hindu.
Comprehensive Economic Partnership Agreement comes into force from Monday
India and Japan on Monday asserted that the Comprehensive Economic Partnership Agreement (CEPA), which came in to force from Monday, would give a big boost to bilateral trade, enabling it to touch the $25-billion mark by 2014.
Immediately after the first meeting of the Joint Committee of India-Japan CEPA here, Japanese Ambassador Akitaka Saiki said business communities of the two countries should make the best use of this new economic arrangement. “This arrangement will definitely facilitate and enhance both ways flow of trade and investment,'' Mr. Saiki said.
Good for commerce
“CEPA comes into force with effect from Monday. It will be good for commerce, trade and investment for India and Japan. It is a part of the building block for much large agenda for building a comprehensive economic partnership for East Asia, which covers ASEAN, China, Korea, Japan, India, Australia and New Zealand,'' Commerce Secretary Rahul Khullar told reporters here.
Officials said CEPA would bring immediate gains to exporters of textiles, seafood and spices to Japan, as duties on these products would be eliminated. It would ultimately result in the removal of duties on almost 90 per cent of the products traded between the countries.