Why in news
- Indian industry forums recommended regulatory harmonisation and Mutual Recognition Agreements (MRAs) with Japan.
Context of India-Japan Trade Framework
- Bilateral economic ties operate under the Comprehensive Economic Partnership Agreement (CEPA).
- The 5-trillion-yen ($5 billion target equivalent) investment goal set for 2022-26 was achieved two years ahead of schedule.
Proposed Regulatory Interventions
- Mutual Recognition Agreements (MRAs): Accepting test reports and industrial certifications issued by each country to bypass duplicate testing.
- Standards Harmonisation: Aligning technical parameters in electronics, automotive components, and pharmaceuticals.
Why it Matters
- Eliminates non-tariff barriers (NTBs) hindering bilateral merchandise trade.
- Facilitates seamless integration of Indian manufacturing firms into Japanese global value chains.
Key terms
Mutual Recognition Agreement (MRA)
An international agreement upon which countries recognize each other's conformity assessment results.
Non-Tariff Barriers (NTBs)
Trade restrictions resulting from administrative rules, technical standards, or testing requirements rather than direct import tariffs.
Prelims facts
- India signed a Comprehensive Economic Partnership Agreement (CEPA) with Japan covering goods, services, and investments.
Mains discussion
- Examine how non-tariff barriers impact India's trade balance with East Asian partners despite formal trade agreements.
Source: Hindu Business Line
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UPSC has asked this before
These previous-year questions sit on the same topic. Open one to practise the earlier ask.
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