India and Japan, began trading for many centuries to the time when Buddhism was introduced in Japan. Trade relations flourished after the establishment of diplomatic relations. After the Second World War, Japan was able to resurrect with the help of ore exports from India, for its part, Japan introduced India yen loans in 1958. And since then, a rock solid relationship structured forms the foundation of the trade from India and Japan relations today. India’s cooperation with Japan after the war has been remaining a lot when Japan returned to the international scene.
Business entities in both countries are very positive about bilateral trade and comprehensive economic development in other important sectors. The recent JBIC (Japan Bank for International Cooperation) survey shows that India has remained the most preferred destination of Japanese investment in the long term. Mr. Susumu Ushida, senior economist JBIC Research Institute was of the opinion that “A large number of Japanese companies are looking at India and other producing countries favorably.” The major feature of Japan has been pouring into India through investment in many important areas such as UTI, SBI Capital, shares and securities in major public and private companies. The boom in the Indian market has led to high expectations of business opportunities for the Japanese nation.
India and Japan, trade relations:
According to industry body CII, “Bilateral trade between India and Japan may have doubled since 2002-03.”
Japan-India Business Leaders Forum felt the need to focus on the Economic Partnership Agreement (EPA), which acts as an institutional infrastructure to accelerate and consolidate the business cordially.
Recently, Prime Minister Man Mohan Singh visited Japan in October 2008, where India and Japan signed the Joint Declaration on the Promotion of strategic and global partnership between India and Japan. ” This was in order to promote cooperation in a wide range of fields and get the security cooperation between the two countries.
On the other hand, agreements and conventions were signed to strengthen primary trade relations between the two countries, especially in areas such as Culture and Heritage, economic ties, air services, Tourism and Trade, Taxation, Science and Technology and students exchange program.
India and Japan have jointly decided that a city of India known as “Solar City” in order to reduce demand for conventional energy generation and renewable energy installations.
In addition, the governments of India and Japan have decided to facilitate the visa regime in a year to improve trade relations between the two countries and achieving development in priority sectors such as defense and nuclear energy.
Both nations have approached the U.S. trade 20 billion over the next year of more than $ 12 billion in 2008-09. Japan’s trade with China two-way worth $ 266 800 000 000 in 2008 while in the same year Indo-Japan bilateral trade stood at over U.S. $ 13 billion. And in 2009, bilateral trade between the two countries totaled U.S. $ 5,460,000,000