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Japan India Bilateral Trade Agreement

Japan and India signed a bilateral free trade agreement that would eliminate tariffs on more than 90% of trade for a decade. Kenichi Yoshida, director of Softbridge Solutions Japan, said in late 2009 that Indian engineers will become the backbone of the Japanese IT industry and that „it is important for Japanese industry to work with India.“ According to the memorandum, a three-year visa is issued immediately to any Japanese who comes to India for business or business, and similar procedures are followed by Japan. Another highlight of the visit is the removal of tariffs on 94% of trade between the two nations over the next ten years. Under the agreement, tariffs on nearly 90 percent of Japan`s exports to India will be eliminated, and 97 percent of Indian exports to Japan Trade between the two nations has also increased steadily. [Citation required] The Indian mining industry, fishing and some agricultural products have to lift their tariffs. India will maintain tariffs on vehicles assembled to protect its automotive industry, but will gradually remove barriers to trade in auto parts. For India, the pact „would provide a comprehensive framework to promote our economic cooperation for both trade and investment,“ Sharma said. He added: „It will be worth it for India and for Japan.“ After a meeting in Berlin, German Chancellor Angela Merkel and Indian Prime Minister Manmohan Singh announced that they would increase bilateral trade by more than 50% over the next two years. (11.12.2010) Delhi has free trade agreements with the Association of Southeast Asian Nations (ASEAN), Sri Lanka and other bilateral agreements with Malaysia and Thailand. It has a broader economic agreement with South Korea. India also expects to sign an agreement with the European Union before the end of the year. In 2014, Indian Prime Minister Narendra Modi visited Japan.

During his tenure as Gujarat`s chief minister, Modi had maintained good relations with Japanese Prime Minister Shinzo Abe. His visit in 2014 continued to strengthen ties between the two countries and led to several important agreements, including the establishment of a „Special Strategic Global Partnership“. [30] [31] In December 2015, India and Japan signed an agreement to build a ball railway line between Mumbai and Ahmedabad using Japanese Shinkansen technology[35] with a $12 billion loan from Japan. More than four-fifths of the $19 billion ($14.4 billion) cost is financed by a 0.1% interest loan from Japan as part of a deeper economic relationship. [36] In 1951, India refused to participate in the San Francisco Peace Conference because of concerns about restrictions on Japan`s national sovereignty and independence. [26] [27] After the restoration of Japanese sovereignty on 28 April 1952, Japan and India signed a peace treaty in which India renounced any request for reparations against Japan. [26] This treaty was one of the first treaties signed by Japan after World War II. [10] Diplomatic, commercial, economic and technical relations between India and Japan were well established.

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