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Study on India & Japan Economic Partnership Agreement

In: Business and Management

Submitted By jayant040478
Words 11812
Pages 48
India-Japan Economic Partnership Agreement: Gains and Future Prospects
Preface
India signed a two-way Comprehensive Economic Partnership Agreement (‘CEPA’ or ‘the Agreement’) with Japan on 16 February 2011. CEPA would provide a framework for enhanced cooperation between the two countries and is aimed to facilitate trade in goods and services and increase investment opportunities, besides protecting intellectual property rights. The Agreement is likely to be implemented from 1 April 2011.
The highlights of CEPA have been provided below.
CEPA
The CEPA aims to reduce or eliminate tariffs over next 10 years on over 90 per cent of goods traded between the two countries. The Agreement inter alia provides ‘schedule for India’, a list detailing product wise plan for reduction/ elimination of duties for imports into India and a similar ‘schedule for Japan’. The quantum of duty reduction under CEPA will vary from product to product. Therefore, some products may see a complete elimination of duties on 1 April 2011 itself (or any other day on which the Agreement comes into force) while others may see a gradual reduction over years. Sensitive sectors for India and Japan are fully protected and will not see any tariff change.
An illustrative list of goods for import into India and the time period over which basic customs duty would be eliminated is given below:
|Description of goods |Period in which tariff to be reduced |
|Most of the textile products including yarn and fabric |Immediate |
|Computer printers, PCs and other automatic data processing machines |Immediate |
|Cell phones and other types of telephones, networking equipment and SIM cards |Immediate...

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