NAGOYA: Govt Wednesday reiterated its demand for a review of the 15-year-old Comprehensive Economic Partnership Agreement with Japan to make it more contemporary and indicated its willingness to expand scope of the pact, which is seen to have failed in delivering gains to Indian goods and services exporters.India has been seeking a review of the agreement for several years but the Japanese side was holding out. A breakthrough of sorts was achieved last month when Prime Ministers of both countries said the two sides should discuss the pact and make it more contemporary.“I have also discussed it with my counterpart minister, and we are hoping to work towards further expanding the scope and providing new opportunities for this relationship to grow,” Goyal said a day after he met Japan’s minister of economy, trade and industry Akazawa Ryosei.As the next step India and Japan have to agree to the scope of the review, amid acknowledgement that there has to be give and take in the negotiations as Tokyo is not going to give up on the concessions available to it. “We haven’t got down to work on terms of reference, but once the teams have discussed, we will be open to expanding the scope, scale and the extent of the engagement because Japan today is one of our key strategic partners,” Goyal said, adding that both sides want to strengthen the partnership and have also discussed the importance of balanced trade.Bilateral trade between the two countries was pegged at $27.5 billion, with India’s exports estimated at $6 billion, resulting in a trade deficit of $15.5 billion. The deficit for India has widened from $11 billion in 2022-23.Goyal also said that of the $67 billion FDI (foreign direct investment) target set by the two countries, $10 billion has flown over the last 10 months, with financial services emerging that the hottest investment bet so far.Industry has complained of cumbersome certification and registration requirements as the main reason for Indian exports failing to gain from the trade pact. On Tuesday, Ficci president Anant Goenka had said that it was virtually impossible for pharma companies to register their products here.Goyal said commerce department is supporting industry and exporters in registrations of their products to meet regulatory requirements. “For the pharma industry, I have also requested to start registrations all across the world…they should all look at registering all across the world, including Japan.”The minister said he has asked different industries to submit challenges they are facing in exporting goods to Japan. “Many times these challenges are more about process and language and time, and our mission stands ready to support all sectors.”
