India, Japan signs agreement on seafood exports

India and Japan on Wednesday signed a comprehensive economic partnership agreement which is expected to give greater market access to both countries.

The agreement signed by commerce minister Anand Sharma and Japan's foreign minister Seiji Maehara is expected to ensure Indian agricultural products, including instant tea and seafood, get access to the lucrative Japanese market and textile products, including readymade garments, stand to gain significantly.  .

The agreement between the two countries covers trade in goods, services and investment and is expected to reduce tariffs in about 90% of the trade in the next 10 years as both Japan and India seek to diversify trade and ensure greater market access within Asia.

The pact between the two countries has ensured that the sensitive sectors for India are fully protected. These include agriculture, fruits, spices, wheat, basmati rice, edible oils, wines and spirits and also certain categories of industrial products such as auto and auto parts