Balanced trade relationship between India, Japan important for long-term sustainability: Comm min

New Delhi, Mar 4 (PTI) India on Wednesday said there is significant export potential for domestic firms in sectors such as pharmaceuticals, textiles, agriculture and services in Japan, stressing that a more balanced bilateral trade relationship is crucial for ensuring its long-term sustainability.

It was flagged by Commerce Secretary Rajesh Agrawal during his visit to Tokyo on March 2.

He was there to attend the Joint Committee Meeting under the India-“Japan Comprehensive Economic Partnership Agreement (CEPA), the commerce ministry said in a statement.

During his meeting with the Japanese Vice Minister of the Ministry of Economy, Trade and Industry, the secretary underscored the need to enhance and diversify bilateral trade and investment.

He stressed the importance of harnessing the full benefits of the CEPA, including the movement of natural persons.

Agrawal noted the significant potential for growth in Indian exports to Japan in sectors such as textiles, pharmaceuticals, agriculture, and services.

"He also underlined the importance of achieving a more balanced bilateral trade relationship to ensure long-term sustainability," it said.

India's exports to Japan dipped 3.71 per cent to USD 4.92 billion during April-January this fiscal. However, imports jumped 13.47 per cent to USD 18.08 billion. India has a trade deficit of USD 13.16 billion. PTI RR MR