The India Japan Comprehensive Economic Partnership Agreement (CEPA) Comes Into Effect.
India and Japan's comprehensive economy
Partnership agreement
(CEPA) came into effect on August 1st.
Under the agreement, Japan will exempt imports of 97% goods from India in the next 10 years, including textiles, curry, tea, timber, aquatic products and agricultural products. India will exempt imports of 90% commodities from Japan, including auto parts, steel products, digital products and agricultural products.
It is reported that exporters of textiles, seafood and spices will become the largest in India.
Beneficiary
From August 1st, Japan will exempt import tariffs on these products.
Japan has imposed tariffs of up to 15% on imported textiles, and its average tariff level has dropped to 5% since August 1st.
India textile exporters can enjoy zero export to Japan
Tariff treatment
This will enable it to gain a favorable position in competition with other countries.
In order to avoid the impact of tariff reduction, India's auto and auto parts industry has been included in the protection catalogue. At the same time, India agreed to reduce tariffs on steel auto parts, which has benefited Japanese related industries.
Japanese durable goods exporters can also enjoy the benefits of tariff relief, but tariff relief will be carried out step by step in 10 years.
In addition, Japan has promised to grant the same market access treatment to India's generic drugs and domestic drugs in Japan, reduce the threshold for India professionals and services to enter the Japanese market, allow accountants, R & D personnel, tour guides, business consultants and other service providers to carry out business in Japan; and agree to release temporary employment in India for yoga teachers, traditional music and dance practitioners, English teachers and printed chef.
Japan also agreed to consider opening the market for nurses and caretakers in India.
Japan has made significant concessions in investment, and India has agreed to grant Japanese investment to national treatment.
Japan has become the second country to enjoy this kind of treatment after Singapore.
When the two sides signed the agreement in February this year, they expressed their hope.
Bilateral trade volume
It can rise from $10 billion 360 million in fiscal year 2009-10 to $25 billion in 2014.
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