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New Delhi, Feb 16 (ANI): The Confederation of Indian Industry (CII) has welcomed the ratification of the Comprehensive Economic Partnership Agreement (CEPA) between India and Japan.

Expressing optimism on the ratification of CEPA, CII President Hari S Bhartia said: “The CEPA signed between India and Japan is essentially the first step towards the process of building a strong, sustainable and a mutually beneficial economic relationship between the two countries.

“We are confident that the CEPA will catapult the bilateral economic relationship between India and Japan to a higher trajectory,” he added. He further said at 10.3 billion dollars the trade relationship between the two countries has been far below its true potential.

“We are certain that CEPA will lead to a quantum increase in bilateral trade and investment flows, by relaxing barriers to trade in goods, services and movement of natural persons, besides enhanced cooperation on protection of intellectual property” he added. India and Japan CEPA is the third comprehensive agreement which India has signed with any country.

The first two being with Singapore and South Korea. India - Japan CEPA is expected to eliminate tariffs on 94 per cent of India - Japan trade flows in 10 years after it comes into force. Under the agreement, while Japan will eliminate duties on 95 per cent of its industrial goods and other products and India will do the same on 85 per cent of its goods.

Besides opening the markets for merchandise goods, CEPA also aims to liberalise trade in services. The pact would also help in increasing investment opportunities and strengthening protection for investment and investment activities, besides ensuring protection of intellectual property.

Coinciding with the visit of Union Commerce Minister Anand Sharma to Japan, the Confederation of Indian Industry (CII) organised a 16-member delegation to Japan from February 15 to 16. (ANI)