India pushes to modernise and broaden its 15-year CEPA with Japan

New Delhi has again urged a review of its 15-year Comprehensive Economic Partnership Agreement with Japan, seeking to update the pact and broaden its coverage. Commerce minister Goyal met Japan’s economy, trade and industry minister Akazawa Ryosei and said the two countries should work toward new opportunities. Bilateral trade totals $27.5 billion, but India’s exports are only $6 billion, leaving a $15.5 billion deficit that has grown from $11 billion the previous year.

Industry groups complain that complex certification and registration procedures, particularly for pharma products, have hampered the agreement’s benefits. The commerce department is offering assistance to exporters and has asked all sectors to submit the obstacles they face. While Japan is unlikely to relinquish existing concessions, both governments see the review as a chance to deepen a strategic partnership and attract more foreign direct investment, of which $10 billion has arrived in the past ten months.