Japan to Reach EPA with India in October, Minister Naoshima

Minister of Economy, Trade and Industry Masayuki Naoshima said at regular press conference on Tuesday he agreed with Indian Minister of Commerce & Industry Shri Anand Sharma for effort to reach Economic Partnership Agreement. He indicated the talk progresses when Indian ministry offered further step for the agreement. They will reach the agreement when Indian Prime Minister Manmohan Singh comes to Japan in October. The EPA encourages Japanese steel export by eliminating Indian import tariff while Japanese companies with Indian operations can have more choice for the procurement.

Japanese and Indian officials try to conclude the talk at the14th negotiation in Tokyo on September 9. Under the agreement, Indian steel import tariff will be eliminated gradually for most products in 5-10 years. Japanese companies with Indian operations enjoy the free trade agreement with no tariff and no special procedure for import when Japanese automakers, construction machinery makers and other manufacturers increase the operation in India.

Japanese administration tries to improve Japanese economy’s growth opportunity through tax reform to improve the industry’s competitiveness and EPA with emerging countries for Japanese companies to enter the growing markets. Mr. Naoshima said the administration launches new meeting, which Prime Minister Naoto Kan heads with deputy head of Mr. Naoshima, to drive the government’s growth strategy through cooperation with private sector.