ndia Japan Trade Relations
The Indo-Japan trade relationship has come a long way since India’s independence. Both the countries maintained cordial trade relations; Japanese companies, like Sony, Toyota, and Honda have manufacturing unit houses in India and with India’s economic development, Japanese have found India a big market place for certain products and services.
As we all know, the most prominent Japanese company established years before in India is Suzuki in collaboration with Maruti Motors, together known as Maruti Suzuki, the biggest car automobiles manufacturer in India. Another Japanese company ‘Honda’ is partner of ‘Hero’ company in India.
Prime Minister Manmohan Singh visited Japan in 2006 for signing of the “Joint Statement Towards” Japan-India Strategic & Global Partnership”. Japan has helped India in undertaking major infrastructure projects by way of providing funds, the famous Delhi Metro Subway project is one such example. Additionally, Japan also signed an agreement with Indian government stating to grant India a low-interest loan of US $ 4.5 billion for the high-speed railway line construction project between Delhi and Mumbai. This reflects the strong relations trade between both the governments. Besides, Australia and US, India is the third country for Japan to have a security pact deed.
In one of the recent news on July 5th, 2010, Indo-Japanese countries have decided to enhance strategic cooperation between the nations. The prime object is to focus on the larger strategic sectors to strengthen their trade relationships on a wide array of domestic and global issues.
Major items of export to Japan include Fish & crustaceans, molluscs & other aquatic invertebrates, Iron, Coffee, Tea, Mate & Spices, LAC, Gums, resins & other vegetable saps and extracts, Salt; sulphur; earths & stone; plastering materials, lime & cement, Organic Chemicals, Cotton, Iron & Steel, Misc. Goods etc.. while major commodities being imported by India include Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes, Organic chemicals, Photographic or cinematographic goods, Plastics, Nuclear reactors, Project goods, Electrical machinery & equipments, Vehicles other than Railway or Tramway rolling stock, etc…