India-Japan bilateral trade targeted at USD 25 bn by 2014

SME News, Saturday, Oct 06, 2012 14:23:14 PM IST

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KOLKATA: The bilateral trade between India and Japan has been targeted to increase in two-fold to USD 25 billion by 2014, Consul General of Japan Mitsuo Kawaguchi said.

At an event organised by Calcutta Chamber of Commerce, he said, “The value of two-way trade between our two countries has reached USD 14 billion in 2010-11. Target is to increase it to the USD 25 billion mark by 2014. I think it won't be an over ambitious target because our bilateral trade is still far below potential and there is enough room to expand it.”

India's export to Japan showed an uptrend trend before the Comprehensive Economic Partnership Agreement was inked. The pact was signed in February 2011 and came into force in August 2011.

In 2010-11, India's export to Japan was close to USD 5 billion, as against around USD 3 billion earlier.

India's exports to Japan primarily include mineral fuels, mineral oils, natural and cultured pearls, precious and semi-precious stones, iron and steel, fish and crustaceans, and fodder.

On the other hand, Japan exports items to India include boilers, machinery appliances, optical, medical and surgical instruments, and articles of iron and steel.

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