ASSOCHAM forecasts India Japan trade near $50 billion by 2030
India and Japan are gearing up for a big leap in trade: ASSOCHAM predicts their business will nearly double to $50 billion by 2030.
This jump is thanks to more diverse exports, a refreshed trade agreement, and stronger business partnerships.
India under 1% of Japan imports
Even with this momentum, India's slice of Japan's imports is still tiny (less than 1%), which means there's lots of room to grow in areas like pharma, chemicals, electronics, and marine products.
Trade between the two countries has already jumped nearly 79% since 2020-21, but India still buys much more from Japan than it sells.
The report also points out the need to update old trade rules so Indian businesses, especially smaller ones, can break into the Japanese market more easily.
Plus, Japan has pledged major investments in India over the next decade.