Tsunami havoc may hit India, Japan trade
India’s trade with Japan is likely to be hit in the short term in the wake of the tsunami that struck the country and probable disruption of business activities due to large scale devastation, according to Ficcci.
The overall bilateral trade between India and Japan stood at over US$10 billion in 2009-10. India and Japan had only last month signed a Free Trade Agreement eliminating tariffs on 94 per cent of goods between the two within ten years and making each other biggest free-trade partners.
Assocham also apprehends that tsunami devastation may impact Indo-Japan bilateral trade. There is growing apprehension that devastation caused in Japan may affect business operations of leading Indian firms in Information Technology sector like TCS, Infosys and Wipro, who have large presence in Japan.
