Japan, India to sign free trade agreement

TOKYO: Japan says it plans to sign a free trade pact with India that will scrap tariffs on 94 percent of traded goods.

Foreign ministry official Norifumi Kondo said on Thursday that tariffs would be reduced over 10 years.

Kyodo News agency said Tokyo has asked New Delhi to cut tariffs on Japanese vehicles, while India asked Japan to import more generic drugs and expand job opportunities in Japan for Indian workers.

Japan's exports to India - mainly vehicles and electronic goods - totaled $7.8 billion in the fiscal year ended March 2010. Japan's imports from India, which include oil, steel and jewelry, were worth $4.7 billion, according to the ministry.

Source: - economic times