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Free trade pact set to open doors for more tie-ups with Japan

The bilateral Free Trade Agreement signed between India and Japan is expected to increase the business opportunities for both countries, said the new Consul-General of Japan in Chennai, Honourable Mr Masansori Nakano.

Japan and India signed a bilateral free trade agreement two months ago, abolishing duties on more than 90 per cent of trade for the next 10 years.

The agreement would eliminate tariffs on 90 per cent of Japanese exports to India, such as auto parts and electric appliances. While 97 per cent of the country's export to Japan will see a slashing of 97 per cent tariff on agricultural and fisheries to Japan till 2021.

Both the countries have been locked in talks over the Comprehensive Economic Agreement negotiations to liberalise mutual trade since 2007.

Mr Nankano also said there are an increasing number of Japanese companies being set up in India.

About 240 Japanese companies have operations in India from 80 in the last three years

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