By IANS
New Delhi : India and Japan are engaged in active talks to speed up the conclusion of a comprehensive economic partnership agreement that will help in realising the true potential of their economic ties, Commerce Minister Kamal Nath said here Tuesday.
Addressing around 400 Japanese businessmen, including some 245 who have come to India as part of Prime Minister Shinzo Abe’s delegation, Kamal Nath said the two governments would also ensure the success of their far-reaching pact.
“The dialogue is on the fast track and we expect to have the agreement in place by designated time,” he said, while addressing a large gathering at the Oberoi Intercontinental hotel here.
Pointing out the strategic importance of the engagement of business leaders from both sides, the minister said the two governments would require their active participation to make bilateral economic ties successful.
“It is your support and dynamism that will propel the economic relations of India and Japan.”
Fujio Mitarai, who is leading the Japanese business delegation, expressed optimism at the growing Indo-Japan economic relations and said he looked forward to a meaningful business engagement with Indian counterparts.
Apart from members of India’s three apex chambers, those at the meeting included top executives of Japanese companies like Toyota Motors, Canon, Honda, Mitsui, Hitachi and others big banner names in global business.
Both sides said Japan, which is the fifth largest foreign investor in India with a net inflow of $2.58 billion since 1991, must capitalise on the opportunities available for such investment, especially in infrastructure sector.
Even in terms of bilateral trade Indian exports to Japan was a mere $2.8 billion and imports amounted to $4.56 billion.
The meeting coincided with the arrival of Prime Minister Abe Tuesday with a delegation of top corporate executives to deepen bilateral strategic and economic ties with India.
During his three-day visit, which will also take him to Kolkata on Thursday, Abe is scheduled to hold talks with Prime Minister Manmohan Singh and push for an early conclusion of a comprehensive economic partnership agreement.