Balanced India-Japan trade key for long-term sustainability, says commerce secretary

India has significant export potential in sectors such as pharmaceuticals, textiles, agriculture and services in Japan, and achieving a more balanced bilateral trade relationship is crucial for long-term sustainability, the government said on Wednesday.The issue was highlighted by Commerce Secretary Rajesh Agrawal during his visit to Tokyo on March 2 to attend the Joint Committee Meeting under the India–Japan Comprehensive Economic Partnership Agreement (CEPA), the commerce ministry said in a statement, reported news agency PTI. During discussions with the Japanese Vice Minister of the Ministry of Economy, Trade and Industry, Agrawal emphasised the need to enhance and diversify bilateral trade and investment.He also stressed the importance of leveraging the full benefits of the CEPA, including provisions related to the movement of natural persons.Agrawal pointed out that Indian companies have considerable scope to expand exports to Japan, particularly in textiles, pharmaceuticals, agriculture and services.“He also underlined the importance of achieving a more balanced bilateral trade relationship to ensure long-term sustainability,” the statement said.Trade data shows India’s exports to Japan declined 3.71 per cent to $4.92 billion during April–January of the current fiscal. Imports from Japan, however, rose 13.47 per cent to $18.08 billion, leaving India with a trade deficit of $13.16 billion.