India seeks greater market access for pharma, marine products in Japan
The Dollar Business Bureau
India has asked Tokyo to give a greater market access to its pharmaceuticals and marine products as it looks to expand its existing trade relations with the third-largest economy.
India has also included other items in its list such as sesame seeds, while seeking recognition of the Indian Organic Standards by Japan.
"Though there have been an increase in the number of work visas issued by Japan, after the cooperation agreement came into force, the market share of Indian IT companies in the Japanese IT market still below potential and ways to improve this were discussed," said the department of commerce in a statement, following the third secretary-level meeting of the Joint Committee under the India-Japan CEPA (Comprehensive Economic Partnership Agreement) in New Delhi.
India’s bilateral trade with Japan contracted 6.4% to $14.5 billion in 2015-16 - India's exports shrank 13.2% to $4.7 billion while Japan's exports declined 2.8% to $9.8 billion.
The Indian pharma industry looks to tap the Japanese healthcare market, which is slated to switch over to generic medicine, especially after the Japanese government announced it plans to cut down its expanses on healthcare on account of the country’s aging population.
The Japanese side raised several concerns pertaining to taxation and investment with the Indian government.