India, Japan Agree to Upgrade Economic Partnership Pact

India and Japan are set to modernize their Comprehensive Economic Partnership Agreement (CEPA), a pact that has been in place for 15 years. Prime Minister Narendra Modi and Japanese Prime Minister Sanae Takaichi discussed the upgrade during recent bilateral talks, with Takaichi confirming Japan's willingness to review and update the agreement.

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Yes, it was discussed, I can confirm that.

Foreign Secretary Vikram Misri highlighted that the current bilateral trade, valued at approximately USD 25-27 billion, does not fully represent the economic capabilities of the world's largest economies. He noted that the existing CEPA is dated, especially compared to contemporary global trade arrangements. India had proposed a significant upgrade to make the agreement more forward-looking.

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bilateral trade, currently valued at around USD 25-27 billion, does not really do justice to two of the largest economies in the world.

Misri welcomed Prime Minister Takaichi's confirmation that Japan is prepared to examine the CEPA upgrade, paving the way for officials from both nations to collaborate on the next steps. This commitment was also noted in the joint statement issued after the 16th India-Japan Annual Summit. The leaders agreed on the need to enhance and diversify bilateral trade, accelerating the review and utilization of the CEPA.

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it is somewhat dated now, especially in the context of the new trade arrangements that are now being struck across the world.