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FICCI seeks tariff elimination by Japan on textiles & apparels
20 Oct '08
4 min read
India exports $ 3.8 billions worth of drugs & pharmaceuticals to the world, however, its exports to Japan are a meager $ 8.2 million. In the upcoming India-Japan CEPA, Indian industry has been seeking easing of such requirements and regulatory procedures which are expensive as well as time consuming.
Similarly, FICCI noted that India has a very small share of 0.67% in Japanese imports of apparel and clothing while China dominates the market with a share of 84%. Out of $ 9.4 billion worth of exports of apparel and clothing by India, only 1.1% goes to Japan.
One of the reasons for such low exports by India are the complex tariff structure maintained by Japan, involving significant tariff peaks and tariff escalation in textiles and clothing.
“There is a huge untapped potential between Indian and Japan which needs to be fully harnessed and our bilateral economic engagement needs to be diversified. Japan has advantages in terms of capital, technology and product development that Indian industry is looking forward to leverage under this CEPA negotiations” said Dr Mitra.
Similarly, FICCI noted that India has a very small share of 0.67% in Japanese imports of apparel and clothing while China dominates the market with a share of 84%. Out of $ 9.4 billion worth of exports of apparel and clothing by India, only 1.1% goes to Japan.
One of the reasons for such low exports by India are the complex tariff structure maintained by Japan, involving significant tariff peaks and tariff escalation in textiles and clothing.
“There is a huge untapped potential between Indian and Japan which needs to be fully harnessed and our bilateral economic engagement needs to be diversified. Japan has advantages in terms of capital, technology and product development that Indian industry is looking forward to leverage under this CEPA negotiations” said Dr Mitra.
FICCI
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