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Commerce and Industry Minister Nirmala Sitharaman held talks with the visiting Japanese delegation led by Hiroshige Seko, Minister, Ministry of Economy Trade and Industry (METI) where the Japanese side raised the Transfer Pricing issue that has remained contentious between the two sides for long.
Japanese side said India should address the complaints raised by the Japanese chamber from time time to enhance the investments by Japanese companies in India. He also requested that the issue of Transfer Pricing assessment raised by Japan Chambers of Commerce and Industry in India (JCCII) needs to be resolved.
Sitharaman said the pace of implementation of India-Japan Comprehensive Economic Partnership Agreement (CEPA) requires greater momentum to tap the potential of India-Japan bilateral trade and Seko in his reply said 25 Japanese companies are participating in Vibrant Gujarat Summit.
The Japanese business delegates briefed about their business presence in India and expressed their willingness to diversify their business in sectors such as Agriculture, Power, Electronics, Railways, Logistics Sectors, manufacturing of ATMs, which has become urgent and imminent in view of demonetisation and the consequent cash crunch in the country.
The Japanese side also expressed interest in enhancing co-operation in the area of Intellectual Property Rights (IPR) between India and Japan and offered to train Indian IPR examiners in Japan to underline the need for a high level meeting between India and Japan on IPR cooperation. Seko offered an invitation to 100 IPR Examiners for training in Japan.
Sitharaman requested the Japanese side to take steps to increase Indian Exports to Japan in sesame seeds, Surimi fish and Indian generic drugs. She said that the Japanese Industrial Townships (JITs) in India would be transformational and will bring in significant Japanese investments and further strengthen India-Japan Economic Cooperation.
On the Logistics front she mentioned that India plans to build Logistics University wherein the cooperation from Japan would be needed.
