Economic talks between India and Japan in progress: Sharma

CHENNAI - Union Commerce and Industry Minister Anand Sharma has said the discussion between India and Japan on signing a comprehensive economic cooperation agreement (CECA) is in progress.

Inaugurating the Partnership Summit 2010, organised by the Confederation of Indian Industry (CII) here on Saturday, Sharma said, “We are also negotiating comprehensive economic partnership agreement with Japan and a trade and investment agreement also with the European Union, they are in advance stage.”

Sharma added the addition of addition of Japan and China markets in the ‘Focus Market Scheme’ announced by the Commerce and Industry Ministry recently would help in doubling-up of India’s share in the international trade by 2014.

India’s share presently is 2.9 percent, he claimed.

Referring to the economic slowdown, Sharma noted that he felt proud to acknowledge the country’s emergence as one of the top target for investors in the world.

“We have emerged strongly out of it (economic meltdown) and that’s why the world is looking towards India. We are one of the top three destinations for the investors in the world,” said Sharma.

Sharma also appreciated the policies laid by the government during the global meltdown, and termed it as the sole cause behind the growth of the country, which managed 20 billion dollars of investments in the recent past.

Wealth should be redistributed so that none becomes victim of changing world, said Sharma adding that countries with resource and technology should share them with the deprived nations, especially when they could fight pandemics and poverty.

A comprehensive economic cooperation agreement with Malaysia would be signed soon and the Indo-ASEAN Free Trade Agreement expanded to cover services, claimed Sharma. (ANI)