Kolkata: Japan's imports from India jumped 21.5 per cent to ¥54 billion in the financial year that ended on March 31. Mr Mitsuo Kawaguchi, Consul General of Japan, said this at an interaction with EEPC India (formerly Engineering Export Promotion Council) members here.
The Indian engineering industry appears poised for better access to the Japanese market and more Japanese companies are willing to set up joint ventures with their Indian counterparts. Mr Kawaguchi said after the signing of the Comprehensive Economic Partnership Agreement (CEPA) in February last year that there has been a visible change in the two-way trade.
Under the CEPA, Japan eliminated tariffs on 87 per cent of its tariff lines. Over the next decade, it would remove import tariffs in a phased manner on nearly 97 per cent of the tariff lines. Iron, steel, zinc, aluminium and copper items from India can pass through with zero duty into Japan.
Industrial and automotive components form a substantial part of the exports to Japan.
“Japan is looking for outsourcing opportunity in India,” he said. Japanese companies are also keen to set up manufacturing bases in India.
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