India-Japan trade to touch $25 billion by 2014: Study

NEW DELHI: The trade between India and Japan is likely to touch $25 billion by 2014 on the back of a trade deal that the two countries signed in 2011, a study has said.

During 2010-11, the two-way trade stood at about $13 billion.

"The trade between the two countries is expanding rapidly. India and Japan are expected to achieve the trade target of $25 billion by 2014," a CII study said.

The potential areas for economic cooperation include capital goods, auto parts, iron, steel and chemicals, it added.

The two countries signed a Comprehensive Economic Partnership Agreement (CEPA) aimed at eliminating tariff on majority of products traded between the countries.

On the occasion of 60 years of diplomatic relations between the two countries, industry chamber CII and Keidanren are organising a two-day India-Japan business summit, starting May 23, in Tokyo.

CII President Adi Godrej will be heading a 19-member CEOs delegation to Japan in this regard. Delegation members include Toyota Kirloskar Motor vice-chairman Vikram S Kirloskar, Accenture India chairman and MD Avinash Vashistha and Ranbaxy Laboratories chairman Tsutomu Une, the chamber said.

The summit will be inaugurated by minister of urban development Kamal Nath, it said.

Japanese minister of foreign affairs Koichiro Gemba is also scheduled to address the gathering.