Goyal meets Japanese Minister of Economy, Trade, and Industry Kajiyama in New Delhi

The Minister of Commerce and Industry Piyush Goyal met the Japanese Minister of Economy, Trade, and Industry (METI) Hiroshi Kajiyama on Tuesday in New Delhi. In the hour-long meeting, bilateral issues were discussed with Goyal raising the issue of the trade deficit between the two countries and review of the Comprehensive Economic Partnership Agreement (CEPA).

The Comprehensive Economic Partnership Agreement between India and Japan came into force in 2011. The main objectives of the agreement are to liberalise and facilitate trade goods and services between the parties; increase investment opportunities, ensure the protection of intellectual property, improve the business environment in each party, etc. 

Goyal said that balancing trade is a high priority for India with all partners. Similarly, market access for India's goods and services with partner countries is important. But despite commitments in CEPA from Japan, market access for India's goods and services remains elusive, he added. 

Both ministers have asked officials to prepare a time-bound action plan to address all these issues to strengthen Indo-Japan trade relations, according to an official statement.

READ | Piyush Goyal Counters Sonia: India Joined RCEP Negotiations In UPA Era

As mentioned by the Ministry of Foreign Affairs of Japan, In December 2015, Prime Minister Abe paid an official visit to India and had a summit meeting with Modi. The two Prime Ministers resolved to transform the Japan-India Special Strategic and Global Partnership into a deep, broad-based and action-oriented partnership, which reflects a broad convergence of their long-term political, economic and strategic goals. 

They announced the “Japan and India Vision 2025 Special Strategic and Global Partnership Working Together for Peace and Prosperity of the Indo-Pacific Region and the World” ina joint statement that would serve as a guidepost for the “new era in Japan-India relations.”

READ | Japanese Regulators Recommend $22 Million Fine On Nissan

During Prime Minister Modi’s visit to Japan in September 2014, two leaders agreed to set a common goal of doubling Japan's direct investment and the number of Japanese companies in India by 2019, in order to build a win-win relationship through synergies between Modinomics and Abenomics.

Prime Minister Narendra Modi will meet with his Japanese counterpart Shinzo Abe in Guwahati next week.

READ | Cherry Blossoms Prompt Full-blown Scandal For Japan's PM Abe

(With inputs from ANI)