Japanese Minister of Economy, Trade and Industry, Nasayuki Naoshima meeting the Union Minister of Commerce and Industry, Anand Sharma.

Saurabh Gupta | 01 May, 2010
India and Japan are expected to finalize their ongoing bilateral free trade agreement (FTA)  to liberalize economic at the end of this year, Commerce and Industry Minister Anand Sharma told media on the sidelines of the third ministerial meeting of the Japan-India Policy Dialogue (JIPD) in the capital on Friday.

"India and Japan are engaged in Comprehensive Economic Partnership Agreement (CEPA) negotiations and we will be able to clear this by the time the next bilateral summit takes place," Sharma said.

Sharma also said he will lead a large business delegation to Japan in the coming months to enhance economic ties between the two countries.

The summit is scheduled later this year in Japan and will be attended by Prime Minister Manmohan Singh besides Sharma.

Officials from the two countries held talks in New Delhi for three days earlier this month and are believed to have resolved several stumbling blocks to the market opening pact. According to officials, the two sides are understood to have resolved several stumbling blocks to the market opening pact.

Bilateral trade between the two countries has doubled over the past four years to about $11 billion during 2008-09.

The Japanese Minister of Economy, Trade and Industry Naoshima Masayuki was also present. The two sides discussed the progress of the ongoing CEPA negotiation.

Difficulties faced by Indian exporters in sectors like footwear and agricultural products like tea, coffee and mangoes to Japan were also discussed at the meeting.

Issues like liberalising pharmaceuticals and services sector have been resolved.