The commercial trade between Japan and India could surge to $25 billion by 2014, up from only $13 billion in the 2010-2011 period, thanks to a new deal signed by the two countries last year.
The booming business relationship is mainly based on sectors like capital goods, car parts, iron, steel and chemicals.
“The trade between the two countries is expanding rapidly. India and Japan are expected to achieve the trade target of $25 billion by 2014,” the Confederation of Indian Industry said in a report.
India and Japan signed a trade deal, called Comprehensive Economic Partnership Agreement (CEPA), which reduces tariffs on products traded between the two countries.
Japan will organize a two-days summit in Tokyo, starting May 23, where several Indian top officials will be invited. Japanese Minister of Foreign Affairs Koichiro Gemba will address the event, which is organized on the occasion of 60 years of diplomatic relations between the two countries.