Bilateral trade between India and Japan is expected to rise from $15 billion in 2010 to $25 billion in 2014, with the comprehensive economic partnership agreement signed between the two countries, commerce, industry and textiles minister Anand Sharma said today.
He said the year 2011 has been a watershed year with the two countries signing the Comprehensive Economic Partnership Agreement (CEPA).
''The signing of CEPA has opened a whole new chapter in our economic partnership, unlocking the true potential of trade between our two countries,'' Sharma said while addressing a business delegation led by Japanese Prime Minister Yoshihiko Noda.
He said the CEPA would help further deepen economic engagement in terms of trade in goods, services, and investment between the two countries.
''Japan is an invaluable and strategic partner in the process of India's development. India and Japan should jointly play a major role in the globally changing economic landscape,'' he said.
Bilateral trade between India and Japan during 2009-10 was around $10.36 billion. This has gone up to $13.823 billion during fiscal year 2010-11.With the coming into force of the CEPA, bilateral trade would increase substantially and possibly reach the target of $25 billion by 2014, Sharma said.