Union Minister of Commerce & Industry Piyush Goyal on Friday expressed concerns over Japan's growing trade surplus with India, highlighting that India's exports to Japan have remained stagnant over the past 15 years. In contrast, Japanese exports to India have continued to rise, exacerbating the trade imbalance. Trump-Modi MeetThe mega MIGA, MAGA plans of India's Modi and US' TrumpTrump says India has more tariffs than othersTrump's 'golden rule' for imposing reciprocal tariffs “Many of the Japanese investments that happen in India source their input products from Korea, from Japan, from Taiwan, even from China and bring that to India. And use India only as a demand or only as a country to sell their products. I think it's important in today's world to look at reciprocal access, to look at increasing the access,” said Goyal while answering a collective question on behalf of the Japanese commerce community and media present at the Japan-India Economic and Investment Forum organised by Nikkei India in New Delhi on Friday. Goyal encouraged Japanese companies to focus on producing goods and services in India that can be supplied to Japan, thereby increasing India's exports to Japan and achieving a more balanced trade relationship between the two nations. “A case in point is Japan's scheme to send or export their steel from Japan to India, but the Japanese companies don't allow any Indian steel to be sold in Japan. This kind of unfair trading practice is certainly a matter of concern for us. We are ready to open the red carpet, we are ready to hang on and support all Japanese companies, but we would also urge Japanese companies to look at creating a bridge as a two-way bridge and not just as a one-way bridge to India,” he added. For context, between 2000 and 2024, Japan's foreign direct investment (FDI) in India has exceeded $43 billion. Notably, Japan ranks as the fifth-largest source of FDI in India. India has over 1,400 Japanese companies operating in India. 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He noted that Japanese businesses are increasingly interested in investing in India and exporting materials and products worldwide, including to India. Keiichi believed that increased Japanese investment in India would boost trade from India, creating a mutually beneficial relationship. “Talking about specific areas of trade, I am not in a position to answer that at this moment. But in terms of investments, as I already talked about earlier, we are interested in various areas, including semiconductors, renewable energy, and IT & telecom. So, these are possibly the growing areas for us,” added Keiichi. Keiichi took a cautious approach when it comes to the US policy on tariffs, stating it's too early to provide a direct answer since the US government is still in the process of implementing new measures. However, when it comes to enhancing India's export quality, Keiichi was optimistic about the potential for growth. He emphasised that producing high-quality goods and products takes time, skills, technology, and innovation - all areas where Japan is keen to collaborate with India. By working together, India can elevate its export quality and Japan is more than happy to contribute to this effort, he noted.
