August 1, 2011
ONVITE BOTH TO JOIN NAFTA:
India-Japan Pact Comes Into Effect; Aims to Double Bilateral Trade (PRASANTA SAHU, 8/01/11, WSJ)
A comprehensive economic partnership between India and Japan came into effect Monday, aiming to grant greater access to each other's markets and to more than double bilateral trade to $25 billion by 2014.
Tokyo has scrapped with immediate effect import taxes on 87% of the goods that it sources from India, while New Delhi has dropped tariffs on 17.4% of what it imports from Japan.
The annual bilateral trade between India and Japan is currently worth $12.6 billion, but it wasn't immediately clear what the value of India's imports from Japan is, or vice versa.
The Comprehensive Economic Partnership Agreement, which was signed on Feb. 16, is India's first with any developed economy that seeks to eventually abolish 94% of bilateral tariffs in 10 years' time.
Re-open the borders and resume growth.
Posted by oj at August 1, 2011 6:32 PM