India, Japan to review trade pact, streamline investment: Official

India and Japan are planning to review their trade pact signed in 2011, with the goal of addressing the growing trade deficit and expediting investments worth 10 trillion yen (over $62 billion) within the next decade. This development comes as a delegation of over 220 Indian industry stakeholders, led by Commerce and Industry Minister Piyush Goyal, is currently in Japan from August 24th to 27th to strengthen cooperation with their Japanese counterparts.

During his address at a roundtable in Tokyo, Goyal emphasized India's rapid growth and potential to become a $30 trillion economy by 2047, highlighting the need to bridge the current trade gap. He proposed three suggestions to deepen localisation, support innovation funding, and encourage Japanese companies to source steel from India rather than importing.

Goyal also assured stakeholders that the Indian government is committed to fostering investment and collaboration, reassuring that safeguards will primarily be used for low-end market segments. The Indian delegation, consisting of representatives from industry associations like FICCI, CII, and ASSOCHAM, will continue their four-day visit across Tokyo, Nagoya, and Osaka, aiming to strengthen trade and investment ties under the India-Japan Special Strategic and Global Partnership.