Asia Bizz: India And Japan Ink Trade Deal, Strengthens Ties Between Countries
India and Japan have finally inked the trade deal between the countries, which also marks an end to the speculative negotiations in trade which began among the countries in the year 2007. The will help the countries invest economically and boost trade between them. The Prime Minister of India is on a three day visit to Tokyo, and it was an auspicious moment for him and Japan to finally sign this deal.
This is also a major step taken by the country to build a nuclear trade between Japan and India, which is a part of the ‘Look East’ perspective kept by India. The deal has been signed between PM Manmohan Singh and Japanese PM Naoto Kan. The deal signing has come in the period when Japan and China have strained each others ties.
Japan will be procuring the deal in its parliament sometime in the middle of next year, which will be phasing out 94% of the tariffs by the end of this decade. India will be easing tariffs on Japanese car parts imported in India and Japan will be doing the same on Indian medical drugs. India is an upcoming power in Asia and as Japan ties deals with India, it will be helping both countries in many ways.