India-Japan Free Trade Agreement will come into operation from Monday. This will give improved access to Indian medicines in the Japanese market and also provide opportunity to professionals like English teachers to take up short-term assignments in the world's third largest economy. Under the Comprehensive Economic Partnership Agreement (CEPA), which was signed in February, the two major Asian economies will eliminate import duties on 94 per cent of their trade items in 10 years. The agreement will give a boost to the bilateral trade which may touch 25 billion US dollars by 2015 from 12.35 billion US dollars at present.According to official sources, as part of the pact, each party provides national treatment to the person of the other party of the application of approvals for release of generic medicines. Japan has also offered a special commitment on entry and temporary stay for Indian instructors of yoga, classical music and dance, English language and chefs.
News On AIR | July 29, 2011 8:53 PM
India, Japan to implement CEPA from Aug 1