The Comprehensive Economic Partnership Agreement (CEPA) signed between India and Japan has opened new trade avenues and provides an opportunity for the SMEs of the country, trade promotion body EEPC India said Tuesday. The signing of CEPA in August 2011, meant the elimination of customs duty on 87 percent of products exported to Japan which is the world\'s 7th largest importer of engineering goods.
"The four major sectors, where India has been doing well, are auto components, casting forgings, machine tools and electricals and they shall continue to do well in Japan also," EEPC India Regional Director Rajat Srivastava said.
India is a preferred investment destination for Japanese companies in the infrastructure and manufacturing sector and for technical collaborations, he said.
Srivastava was speaking on sidelines of an event organised in New Delhi to encourage participation from SMEs in three- day `IndiaShow\' to be held in Tokyo from June 20.
"Many Asian countries like Thailand, Malaysia, the Philippines and Indonesia are top suppliers of engineering goods to Japan. CEPA opens opportunities for Indian exporters of engineering goods and services," Srivastava said.
"Over the next decade, Japan will remove import tariff on 97 per cent of tariff lines (products), which shall give a big boost to Indian firms looking for opportunities there," he was quoted as saying.
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