Boosting trade ties with Japan

India is further accelerating cooperation in trade and energy with Japan, seeking cutting edge engineering expertise and technology in a wide range of economic sectors.

Indian ministers met visiting Japanese #Economy, Trade and Industry Minister #Hiroshige Seko and held the 7th #India-Japan Energy Forum on 9 Jan 2017 in #New Delhi.

Technical sessions were held during the forum on critical subjects of mutual cooperation in the energy sector, such as Enhancing Renewable Energy and Grid Stability, Promoting Technological Cooperation in Energy Efficiency in Industrial and Commercial Sectors and Technological Options and Energy Efficiency Improvement in Transport Sector.

#Commerce and Industry Minister Nirmala Sitharaman has called for accelerating the implementation of #India-Japan Comprehensive Economic Partnership Agreement (CEPA).

CEPA has been rather steady but needed to be enhanced with faster pace to tap the huge potential of India-Japan bilateral trade, she said while welcoming Seko-led delegation which is in India for several trade and business promoting exhibitions.

#Union Minister of State (IC) for Power, Coal, New & Renewable Energy and Mines, #Piyush Goyal said the forum is a platform to engage with Japan for mutual benefit in the energy sector by working towards bringing Japanese strengths in cutting edge engineering and technology to India.

He said Japanese contribution would help India in enhancing Grid stability, bringing Electric Mobility at affordable prices to the country where power demand is going to expand four-fold in the next 15 years, making India one of the largest energy markets in the world.

Goyal also called on India and Japan to cooperate on long term contracts for Liquefied Natural Gas (LNG) with a defined cost of energy which would provide a stabilizing factor for the Renewable Energy thrust that India is currently giving.

“India, being a price sensitive market, cannot afford costly power and hence needs Japanese cooperation in maintaining a balance between renewable energy and conventional coal based power,” he said.

“Since large number of items in the Renewable energy sector come from abroad, we are working to create a sustainable framework for encouraging the manufacturing of solar equipment in India at less costs so as to make 24×7 Affordable and Quality power available to each citizen in India,” he said.

“This will also give a fillip to the Make in India mission by scaling up manufacturing sector in India with the help of cutting edge Japanese technologies in the power sector.

“India should leap frog the learning curve with the help of contemporary next generation technologies and should not miss out on the opportunities to provide sustainable energy future to every citizen, based on their needs,” added Goyal.

In her call, Sitharaman requested the Japanese side to take steps to increase exports of Indian Sesame seeds, Surimi fish and generic drugs.

She said that the #Japanese Industrial Townships (JITs) in India would be transformational and will bring in significant Japanese investments and further strengthen #India-Japan Economic Cooperation.

The Japanese business delegates were called on to diversify their businesses in India in sectors such as Agriculture, Power, Electronics, Railways, Logistics Sectors, manufacturing of ATMs among others.

Responding to the Indian ministers’ call, Seko pointed out the Japanese request on issue of Transfer Pricing assessment and other ones as raised by #Japan Chambers of Commerce and Industry in India (JCCII) from time to time need to be resolved for attracting greater Japanese Investments in India.

The Japanese side also expressed interest in enhancing co-operation in the area of #Intellectual Property Rights (IPR) between India and Japan and intended to train Indian IPR examiners in Japan.

– fii-news.com

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