Osaka: Commerce and Industry Minister Piyush Goyal on Thursday said India will take up the issue of greater market access for basmati rice with Japan during a review of the trade agreement, and explore opportunities for exports of processed food products.
Responding to a question from an industry representative on increasing basmati rice exports to Japan, Goyal said the government would have to engage with the Japanese authorities as rice is a sensitive sector in Japan.
“We in the government will have to work on it and will have to talk to the Japanese government. There are several areas which are sensitive for each country, and to the best of my knowledge, rice is a sensitive area in Japan,” he said.
He noted that Japan has restrictions on the quantity of rice that can be imported and duties are applicable beyond the permitted quantity.
“We will talk to the Japanese government when we review the CEPA (Comprehensive Economic Partnership Agreement) and see what more areas of mutual cooperation (can be explored)…and in the food sector,” Goyal said.
He said processed food products offer significant opportunities for Indian exporters, provided they meet Japanese quality and safety standards.
“Good processed food offers a lot of opportunities. (Indian exporters) have to meet standards and export,” he said.
India has been looking to diversify and expand its agricultural and processed food exports to high-value markets.
The minister said the CEPA review could provide an opportunity to identify areas where both countries can expand market access and cooperation.
Goyal also said that the new India is promoting manufacturing in a very big way, and it is focusing not only on assembling but the entire ecosystem of manufacturing.
He said that India is investing USD 130 billion for infrastructure creation every year for the last three years, and plans to continue to do so for many more years.
“We have brought in new inland waterways, we have electrified the railways nearly 100 per cent, and we are modernising our rail infrastructure; we have high-speed trains, including setting up the first bullet train, in partnership with Japan; the Shinkansen is coming to India,” he said.
Goyal said that Prime Minister of Japan Sanae Takaichi has indicated that Japan would welcome 300,000 Indians in different roles in different aspects of economic activities to support Japanese growth and industry.
The minister on August 27 concluded the four-day visit to Japan.
The engagements focused on expanding investment, strengthening resilient supply chains, advancing technology partnerships and creating new avenues for business-to-business collaboration between the two countries.
A key focus of the visit was mobilising long-term Japanese institutional capital for India.
Goyal engaged with leading Japanese financial institutions, including MUFG, Mizuho, Nomura, Nippon Life, Development Bank of Japan and Morgan Stanley MUFG Securities, besides other major investment and financial institutions, the commerce ministry said in a statement.
“The discussions explored opportunities to deepen capital flows into India and support the country’s expanding infrastructure, manufacturing, technology and financial ecosystem,” it said.
Discussions also covered supporting infrastructure, including reliable power, ultra-pure water, skilled manpower and social infrastructure in emerging semiconductor clusters such as Dholera and Sanand.
