Japanese Prime Minister Shinzo Abe''s visit to India this week could speed negotiations for a free-trade deal between the countries, and also lead to more Japanese investment, an Indian trade ministry official said. Abe arrives in New Delhi on Tuesday, and a Japan-India comprehensive economic partnership agreement (CEPA), including free trade in goods and services as well as investment promotion measures, will be among the issues figuring in talks with his Indian counterpart, Manmohan Singh.
It (CEPA) will be done in less than two years, Dinesh Sharma, a joint secretary in the trade ministry, told reporters on Monday.
We want more trade, investment and technology.
Two-way trade between India and Japan could double to $14 billion by 2012 from an estimated $7 billion in 2007, the Federation of Indian Chambers of Commerce and Industry said.
India mainly exports gems and jewellery, marine products, minerals and textile products to Japan. It imports machinery, transport equipment, electronic goods, chemicals and metal products.
Sharma said the two sides will discuss Japanese investment in a planned industrial corridor between New Delhi and Mumbai.
Last month, India''s trade minister said the $90 billion corridor would be built with Japanese assistance.India is also eyeing Japanese cooperation in civilian nuclear energy to meet the country''s growing demand for electricity, said V Raghuraman, principal adviser to the Confederation of Indian Industry.Prime Minister Singh said on Monday that India was committed to developing its nuclear energy capability and other sources of power as its oil bill would impose an unbearable burden on the fast-growing economy.
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