Japan asks India to facilitate investments; sign economic pact
Japanese Prime Minister Shinzo Abe, who began a three-day visit to India today, said New Delhi should address issues relating "rules of origin and tariffs" to facilitate early signing of the EPA.
By PTI |
NEW DELHI: Japan on Tuesday asked India to make investments more easy and facilitate early conclusion of an Economic Partnership Agreement (EPA), which will include free trade in goods and cooperation in financial services space.
Japanese Prime Minister Shinzo Abe, who began a three-day visit to India today, said New Delhi should address issues relating "rules of origin and tariffs" to facilitate early signing of the EPA -- which according to Indian officials is expected to happen by middle of next year.
He also said Japanese companies were keen to invest in India, especially through the Delhi-Mumbai industrial and freight corridors, besides other mega projects, and wanted a "conducive environment" for such economic activities.
Prime Minister Manmohan Singh assured Japanese industry captains that New Delhi would remove all hurdles in the way of close economic engagement between the two countries.
"I truly believe that such engagement between Asia's largest democracy and its most developed one, will create an arc of advantage and prosperity throughout Asia," he said.
As regards the EPA, which is on the lines of an agreement India has with Singapore, Commerce Minister Kamal Nath said: "We are hopeful that in the next two meetings, the issues relating to rules of origin and market access would be settled and the EPA would be signed."
He informed the 200 business delegates, accompanying Abe, that there was no "serious problem" in the agreement, which has been delayed possibly "due to lack of time".
The next meeting on the issue is scheduled to be held on September 3 in Tokyo, he said, adding that India was keen to have access to the agricultural market of Japan but "without hurting its sensitivity toward the sector".
"We are hopeful that agriculture will be part of the agreement," he said.
Japanese Prime Minister Shinzo Abe, who began a three-day visit to India today, said New Delhi should address issues relating "rules of origin and tariffs" to facilitate early signing of the EPA -- which according to Indian officials is expected to happen by middle of next year.
He also said Japanese companies were keen to invest in India, especially through the Delhi-Mumbai industrial and freight corridors, besides other mega projects, and wanted a "conducive environment" for such economic activities.
Prime Minister Manmohan Singh assured Japanese industry captains that New Delhi would remove all hurdles in the way of close economic engagement between the two countries.
"I truly believe that such engagement between Asia's largest democracy and its most developed one, will create an arc of advantage and prosperity throughout Asia," he said.
As regards the EPA, which is on the lines of an agreement India has with Singapore, Commerce Minister Kamal Nath said: "We are hopeful that in the next two meetings, the issues relating to rules of origin and market access would be settled and the EPA would be signed."
ADVERTISEMENT
He informed the 200 business delegates, accompanying Abe, that there was no "serious problem" in the agreement, which has been delayed possibly "due to lack of time".
The next meeting on the issue is scheduled to be held on September 3 in Tokyo, he said, adding that India was keen to have access to the agricultural market of Japan but "without hurting its sensitivity toward the sector".
"We are hopeful that agriculture will be part of the agreement," he said.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
