Japan and India reached a bilateral free trade agreement in Tokyo on Thursday, September 8, 2010. The pact will eliminate import tariffs on most products traded between the two giant Asian economies within 10 years.
Yoichi Otabe, the deputy foreign minister for economic affairs, led the Japanese negotiating team. Rahul Khullar, the commerce secretary, headed the Indian delegation.
Top leaders of the two countries are expected to sign the Japan-India Economic Partnership Agreement during Indian Prime Minister Manmohan Singh's planned visit to Tokyo next month.
According to the Japanese Foreign Ministry, Japan exported $7.91 billion worth of products to India and imported $5.26 billion worth of goods from the South Asian country in fiscal 2008, which ended on March 31, 2009.
For Japan, the FTA with India will be the first such trade pact since the Democratic Party of Japan took power following a landslide victory in general elections in August 2009.
The Journal of Commerce Online
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