India and Japan have reached an understanding on developing an industrial corridor along the Delhi-Mumbai multi-modal freight corridor.
Indian commerce and industry minister Kamal Nath and his Japanese counterpart Akira Amari decided to set up a joint task force to develop the concept and the components of the project. According to an official release, the taskforce will be headed by the department of industrial policy & promotion secretary from the Indian side.
The industrial corridor will have several supporting infrastructure projects such as power facilities, rail connectivity to ports en-route and would also cover development of ports on the west coast of India. Several industrial estates and clusters with high quality infrastructure are proposed to be developed along the corridor to attract more investments, including from Japan. The meeting between the two ministers took place in Tokyo.
Mr Nath and Mr Amari also agreed that soon after the Economic Partnership Agreement (EPA) is signed between the two countries, the first meeting of the negotiating group should be held. The agreement should cover issues concerning investment promotion and intellectual property rights, in addition to trade in goods and services.
The two ministers signed an MoU upgrading the existing Japan-India Policy Dialogue (JIPD) to the level of ministers from the existing official level. The first meeting of the JIPD to be co-chaired by the ministers will be in New Delhi soon, the release said.
They also discussed ways to significantly increase the trade and investment flows between the two countries and talked about areas of concern in the on-going multilateral trade talks at the World Trade Organisation (WTO).
source::http://economictimes.indiatimes.com/articleshow/808980.cms
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