India, Japan discuss bilateral trade issues

New Delhi, Jul 19: India and Japan have emphasised the major role of private sector in the strategic economic management and reviewed bilateral trade issues that are likely to dominate discussions between Indian leaders and Japanese Prime Minister Shinzo Abe during his upcoming visit here next month.

Commerce and Industry Minister Kamal Nath, who had a meeting with Japan's visiting Deputy Foreign Minister Masahoru Kohno, here said bilateral trade talks between the two countries were more likely to be pragmatic and any negotiations were likely to be more sustainable since both appreciated and understood each other's sensitivities better.

The two Ministers also reviewed several issues of bilateral importance as part of the India-Japan Strategic Dialogue on economic issues.

During the visit of the Japanese Prime Minister, Mr Kamal Nath is expected to inaugurate the Indo-Japan Business Leaders Forum and release a joint statement emphasising the major role of the private sector in strategic economic engagement.

Both sides are expected to nominate top CEOs for inclusion in the Business Leaders Forum.

The Japanese Prime Minister who will arrive here on August 20 on a three-day visit, will address a joint session of Parliament on August 22.

The two countries held their first Strategic Dialogue on Economic Issues yesterday and discussed steps needed to conclude an economic partnership agreement before the end of next year.

Discussions were also held on the progress of Delhi-Mumbai Industrial Corridor (DMIC) Project.

The DMIC project is conceptualised to take benefit of the high quality connectivity offered by Delhi-Mumbai Dedicated Rail Freight Corridor (DFC) by augmenting the required infrastructure.

DMIC phase-I is synchronised to be completed by 2012 with DFC.

The DMIC project is proposed to be based on the approach of infrastructure development and connectivity (road, rail, port and air) rather than providing fiscal or financial incentives.

Japan is the fifth major investor in India with cumulative inflow of 2.21 billion US Dollars since 1991.

Recently, many Japanese companies have shown interest in India particularly, Suzuki, Honda and Nissan.

India needs many more such projects from Japanese businesses particularly in infrastructure sector.

UNI