With stagnant exports, India-Japan trade imbalance an area of concern: Piyush Goyal
Piyush Goyal on Friday expressed concerns over Japan's growing trade surplus with India, highlighting that India's exports to Japan have remained stagnant over the past 15 years. In contrast, Japanese exports to India have continued to rise, exacerbating the trade imbalance.
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“Many of the Japanese investments that happen in India source their input products from Korea, from Japan, from Taiwan, even from China and bring that to India. And use India only as a demand or only as a country to sell their products. I think it's important in today's world to look at reciprocal access, to look at increasing the access,” said Goyal while answering a collective question on behalf of the Japanese commerce community and media present at the Japan-India Economic and Investment Forum organised by Nikkei India in New Delhi on Friday.
Goyal encouraged Japanese companies to focus on producing goods and services in India that can be supplied to Japan, thereby increasing India's exports to Japan and achieving a more balanced trade relationship between the two nations.
“A case in point is Japan's scheme to send or export their steel from Japan to India, but the Japanese companies don't allow any Indian steel to be sold in Japan. This kind of unfair trading practice is certainly a matter of concern for us. We are ready to open the red carpet, we are ready to hang on and
