Gov't decides to sign EPA with India
Japan and India will conclude an economic partnership agreement on Wednesday that will enable both countries to reduce or cut most duties on each other's goods and services.
Japanese Foreign Minister Seiji Maehara and visiting Indian Commerce and Industry Minister Anand Sharma will sign the trade pact.
Under the deal, whose outlines were agreed on last October, Japan will gradually eliminate tariffs imposed on most Indian goods, including industrial products and curry ingredients.
India will abolish step-by-step a 10-percent tariff being imposed on some automobile products and a 5-percent duty on steel products.
With these efforts and others, tariffs on 94 percent of the total value of bilateral trade will be eliminated within 10 years.
The Japanese government hopes to put the agreement into effect by the middle of this year. When it does, India will become the 12th country Japan has concluded an economic partnership deal with.