world news |  India to seek renegotiation of trade deal with Japan: Goyal

world news | India to seek renegotiation of trade deal with Japan: Goyal

San Francisco, Sept 8 (PTI) India will push for a revision of its free trade agreement with Japan during a meeting between Commerce and Industry Minister Piyush Goyal and his Japanese counterpart in Los Angeles on Thursday.

Nishimura Yasutoshi is the Minister of Economy, Trade and Industry of Japan.

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In such reviews, usually the two countries seek to improve market access for their respective domestic products and address issues that impede trade.

“I think this is long overdue and I’m going to raise this issue with my colleague from Japan. He recently took over as a new minister. So I will raise this issue,” Goyal told reporters. if a revision of the free trade agreement (FTA) with Japan is planned.

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In August 2011, India and Japan signed the Comprehensive Economic Partnership Agreement (CEPA).

The review is gaining importance as domestic steel producers have repeatedly complained about rising imports of steel products such as hot-rolled steel and other options from Japan.

On trade with Australia, Goyal said the Australian Parliament is expected to approve a trade deal by the end of this year.

New Australian Trade Minister Don Farrell will visit India later this month to discuss trade and other matters.

“He assured me that they are very pleased with the outcome of the Indo-Australian talks and the free trade agreement we have finalized and that they (Australia) will get it through parliament soon. And I was given a preliminary date. ..at the end of this year it will be cleared up through their parliament,” he said.

The agreement was signed in April. When asked about problems that might arise in his meeting with US Trade Representative Katherine Tai, he said there were no immediate problems between the US and India.

“We have a very good and strong business relationship. They are our biggest trading partner. We do a lot of work for American companies. There is a lot of investment coming from America to India. Trade. This (meeting) is just a continuation of that. We don’t have an immediate agenda day,” Goyal said.

(This is an unedited and auto-generated story from a syndicated news feed, LatestLY staff may not have altered or edited most of the content)

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