India, Japan review bilateral trade


New Delhi : India's Union Minister of Commerce and Industry, Kamal Nath has stated that bilateral trade talks between India and Japan are more likely to be pragmatic and any negotiations between the two countries are likely to be more sustainable since both appreciate and understand each other's sensitivities better and have a larger perspective on issues of mutual interest.

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Nath stated this while welcoming Masahoru Kohno, Japaan's Deputy Minister of Foreign Affairs, here Wednesday evening.

The two ministers also reviewed several issues of bilateral interest as part of the India-Japan Strategic Dialogue on economic issues held in New Delhi.

Both the ministers discussed trade issues that are likely to dominate during the visit of Japanese Prime Minister to India in August 2007 when Kamal Nath is expected to inaugurate the Indo-Japan Business Leaders Forum and release a joint statement emphasising the major role of the private sector in strategic economic engagement.

Both sides are expected to nominate top CEOs for inclusion in the Business Leaders Forum.

Discussions were also held on the progress of DMIC (Delhi-Mumbai Industrial Corridor) Project. DMIC project is conceptualized to take benefit of the high quality connectivity offered by Delhi-Mumbai Dedicated Rail Freight Corridor (DFC) by augmenting the required infrastructure.

Japan is the fifth major investor in India with cumulative inflow of USD 2.21 billion since 1991. Recently, many Japanese companies have shown interest in India particularly, Suzuki, Honda and Nissan.

India needs many more such projects from Japanese businesses particularly in infrastructure sector.