Japanese Foreign Minister Okada Kakya announced on the 9th that Japan and India had reached an agreement on the signing of the "Economic Partnership Agreement" (EPA) between the two sides at the vice-ministerial meeting held on the same day. They are expected to visit the Indian Prime Minister Manmohan Singh in October this year. The two sides will formally sign this agreement.
Okadak also told the media on the same day that according to the agreement, tariffs on goods and services that accounted for 94% of bilateral trade between India and India in the next 10 years will be abolished.
It is reported that Japan and India have held 13 rounds of negotiations on this agreement. The Japanese demanded that India lower the tariffs on major export products such as auto parts; the Indian side would require Japan to simplify the licensing formalities for generic drugs and expand the employment opportunities of Indians who are interested in finding jobs in Japan.
Okadak also told the media on the same day that according to the agreement, tariffs on goods and services that accounted for 94% of bilateral trade between India and India in the next 10 years will be abolished.
It is reported that Japan and India have held 13 rounds of negotiations on this agreement. The Japanese demanded that India lower the tariffs on major export products such as auto parts; the Indian side would require Japan to simplify the licensing formalities for generic drugs and expand the employment opportunities of Indians who are interested in finding jobs in Japan.
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