Prime Minister Narendra Modi in Japan
Prime Minister Narendra Modi has gone on a foreign trip for the first time after implementing 50 percent tariff by Donald Trump. He has just gone to Japan on his two -day visit. These days, there is a different tornado in the whole world about trade. In such a situation, PM Modi’s visit to Japan can also create new trade opportunities between the two countries. But, do you know how much India and Japan do now trade?
Trade between India and Japan
The India-Japan bilateral trade stood at US $ 22.85 billion during the financial year 2023-24. Japan has been a prominent ally in India’s economic growth, where a direct foreign investment of over US $ 43 billion took place between 2000 and 2024. In the year 2023-24, Japan traded about $ 18 billion from India and India traded about 6 billion US dollars from Japan.
Major exports to Japan from India
- Engineering goods
- Organic and inorganic chemical
- Marine product
- Gems and Jewelry
- Electronic goods
- Drugs and pharmaceuticals
India buys these goods
- Machinery and macinical appliance
- Vehicles (in addition to railway or tramway rolling stock)
- Aluminum and other items
- iron and Steel
Relationship between India and Japan
There is a special strategic and global partnership between India and Japan. The relationship between the two countries is very old, which are based on spiritual and cultural relations. Both of them are among the major democracy of Asia and the top five economies of the world. India-Japan relations got the status of ‘global partnership’ in 2000, ‘strategic and global partnership’ in 2006 and ‘Special Strategic and Global Partnership’ in 2014. Since 2006, every year there are summit between the two countries.