India and Japan are now actively engaged to conclude the Comprehensive Economic Partnership Agreement (CEPA) at the earliest.
“The dialogue is on the fast track. We expect to have the agreement in place by the designated time,” Commerce and Industry Minister, Kamal Nath said here on Tuesday, while addressing the 400-strong Japanese business delegation — now on a visit to this country. Pointing out on the strategic importance of the engagement of business leaders from both sides, Mr Kamal Nath stated that the two governments would  require the active participation of business leaders from both sides to make comprehensive economic engagement between the two countries successful.
“It is your support and dynamism that will propel the economic relations of India and Japan,” the commerce minister added. In his response, leader of the Japanese delegation Fujio Mitarai expressing optimism at the growing Indo-Japan economic relations observed that Japanese companies  are looking forward to a fruitful business engagement with Indian counterparts.
Fifth major investor
The meeting was also attended by the representatives of Indian business chambers including CII, Ficci and Assocham apart from officials from both the countries. Japan is the fifth major investor in India with cumulative inflow of $2.58 billion since 1991. Indian exports to Japan in 2006-07 were $2812.83 million, while imports from Japan were to the tune of $4560.84 million.
Major items of exports to Japan include gems and jewellery, iron ore, marine products while major import items are machinery, electronic goods, iron and steel and transport equipment.