India accounts, at this point, for less than 1% of Japan's trade. Surely it's a travesty that the world's third largest economy should be India's 11th biggest trading partner. The current agreement with Japan, however, should transform ties and upgrade them to a strategic level. Trade will go up because tariffs on 94% of trade items will be abolished over 10 years. Indian exporters will benefit in many trading sectors. Pharmaceuticals tell the story best. Japan's is the second largest pharma market in the world. Now that India can export generics, exports are expected to rise by 20% this year and Japan could account for 5% of total exports in four years.
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