India seeks greater market access for pharma, marine products from Japan

NEW DELHI: India has sought greater market access for its pharmaceuticals and marine products in Japan as part of expanding trade with Tokyo.

Besides items of high potential such as sesame seeds, India also sought recognition of the Indian Organic Standards by Japan.

"Though there have been an increase in the number of work visas issued by Japan, after the cooperation agreement come into force, the market share of Indian IT companies in the Japanese IT market is yet considered below potential and ways to improve this were discussed," said the commerce department in a release after the third meeting of the Joint Committee at the Secretary Level under the India-Japan CEPA (Comprehensive Economic Partnership Agreement) here.

The talks happened as India-Japan trade shrank 6.4% to $14.5 billion in 2015-16, with India’s exports declining 13.2% to $4.7 billion and Japan’s exports contracting 2.8% to $9.8 billion.

The decision of Japan to reduce its increasing health care costs on account of its aging population and its decision to switch over to a higher share of generic medicines was seen as a potential opportunity for the Indian pharma industry, which is strong in generics.

As per the release, the Japanese side raised several issues relating to taxation and investment concerns by the Japanese companies who are investing in India.