In separate meetings on Saturday in Osaka, UK Secretary of State for Business and Trade Kemi Badenoch and Japan Trade Minister Nishimura Yasutoshi engaged in bilateral discussions on trade and investment. Piyush Goyal is the minister of commerce and industry.
Had a meeting off-site at the G7 Trade Ministers’ Meeting in Osaka with @Nishy03, the Japanese Minister of Economy, Trade, and Industry.
Goyal said in a post on the social networking site X that he was deliberating on boosting trade and investment links between Japan and India in a variety of areas.
The two ministers are in Japan for the Osaka trade ministers conference of the Group of Seven (G7).
Following the CEPA’s signing, bilateral commerce between the two nations increased significantly and reached $20.0 billion in FY2022. In contrast, India’s trade deficit with Japan almost quadrupled in only 11 years, reaching $8.2 billion.
Between 2012 and 2022, India’s exports to Japan fell by 0.3%, while its imports from Japan showed a CAGR rise of 1.6%.
With the Government of India focusing on the “Make in India” campaign, the PLI program, the diversification of the trade basket, etc., to develop and increase the competitiveness of its manufacturing sector, both governments are striving toward a mutually beneficial trade partnership. This will help it contribute more to exports.
Goyal also said on X that he spoke with UK Secretary of State for Business and Trade Kemi Badenoch on the status of the talks for a free trade deal between India and the UK.
Intellectual property rights, investments, products, and services are among the topics under discussion.
In addition to market access for a number of commodities at zero customs tax, India is seeking more access for its qualified individuals from industries like IT and healthcare in the UK market.
Conversely, the United Kingdom is seeking a large reduction in customs charges on products including whiskey from Scotland, cars, and certain chocolates.
During a separate meeting in Osaka with the WTO Director General, Goyal also raised the topic of providing developing nations with equitable access to international commerce.