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Japan Least Explored Market By India In G-7 Bloc: Report
G-7 is a group of developed countries with high per capita income and hence has huge market potential for Indian exporters
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Japan is among the least explored markets by Indian merchandise exporters among G7 countries as measured by the share of India’s exports in the total import of these countries, said World Trade Center Mumbai in a research report.
According to data from United Nations Conference on Trade and Development (UNCTAD), the share of India’s exports in the total import of Japan is 0.85 per cent compared to 1.35 per cent for Italy, 0.87 per cent for France, 1.50 per cent for the UK and 2.47 per cent for the USA.
Recently, Prime Minister Narendra Modi held a bilateral meeting with Japanese PM Fumio Kishida on the sidelines of the G-7 summit in Hiroshima and discussed the concerns and priorities of the global south.
The leaders agreed on ways to further strengthen the bilateral special strategic and global partnership. Discussions also focused on areas of education, skill development, tourism, lifestyle for environment (LiFE), green hydrogen, high technology, semiconductors and digital public infrastructure.
Japan is the only country among the G7 group with which India has a trade agreement signed in 2011 and yet the share of India's exports in Japan’s merchandise imports has hardly improved from 0.71 per cent in 2011 since the implementation of this agreement to 0.85 per cent now.
Among G-7 countries, Japan is the third least explored export destination for India after Germany and Canada.
India’s export growth to Japan was the slowest among all the G-7 countries with export growing by just 8.7 per cent from USD 5.6 billion in 2011 to 6 billion in 2021 with a CAGR of just 0.76 per cent through the last decade.
The analysis of bilateral trade data suggests that the scope and coverage of the India-Japan CEPA need to be expanded. The current agreement only covers a fraction of Japan’s total merchandise import basket.
"India and Japan may also look to explore strategic cooperation in high technology sectors such as semi-conductors and other electronic equipment manufacturing where India is working on infrastructure and Japan already has the technological base," the report added.