Indian companies seek harmonisation of certification standards and other regulations with Japan. Indian industry is urging regulatory convergence and mutual recognition of certification and quality standards with Japan to help Indian companies gain easier access to the Japanese market, Federation of Indian Chambers of Commerce and Industry president Anant Goenka said on Tuesday, Business Line reports.
Goenka was speaking after business-to-business meetings in Tokyo, while accompanying Commerce and Industry Minister Piyush Goyal on a visit to Japan, as part of a delegation of over 200 Indian companies.
Goenka said that, in particular, getting approval for Indian pharmaceutical products in Japan has been challenging for the drug companies and added that more recognition needs to be given to Indian certifications.
The problem could potentially be resolved even without a formal agreement, he added. Goenka pointed out that the industry’s call for regulatory convergence is linked to the growing trade gap between India and Japan. Although trade between the two countries had been growing, the increase was uneven and Indian manufacturers need to meet high quality standards to bridge the gap. The discussions also involved trade in goods.
Indian companies, meanwhile, are making steady progress toward a $5 billion investment target in Japan.
The target was achieved two years ahead of schedule, and Indian and Japanese businesses are now considering further investment opportunities. New areas, including steel, industrial zones, data centres, semiconductors and automobiles, are being explored for greater investment cooperation.
He also urged stronger India-Japan cooperation on critical minerals, mining projects and other industries as India seeks to expand its presence in international markets.
