India and Japan today committed to enhancing bilateral economic cooperation and agreed to work closely to develop a conducive tax administration system and business environment.
"...Both countries would continue to work closely to achieve an enabling predictability and transparency in terms of business environment including tax administration which is conducive to India-Japan economic cooperation and greater flow of investment, technology and services between the two countries," said a joint statement.
The statement was issued after exhaustive talks between visiting Prime Minister Manmohan Singh and his Japanese counterpart Shinzo Abe.
The two leaders shared the view that business environment improvement is significant in enhancing bilateral investment and trade which would drive growth of both countries.
Referring to the India and Japan Comprehensive Economic Partnership Agreement (CEPA), the statement said pact has given a fillip to economic and trade relations.
The two Prime Ministers stressed the importance of continued efforts to further enhance trade in goods and services as well as investments.
Singh and Abe expressed satisfaction over the progress of Japanese assisted projects like Delhi-Mumbai Industrial Corridor, Western Dedicated Freight Corridor and Chennai-Bengaluru Industrial Corridor and underlined the need for accelerating their implementation.
Prime Minister Singh also expressed concern on the issue of import of Indian shrimp by Japan and hoped it would be resolved soon.
The leaders expressed their expectation to advance cooperation between Ministry of Commerce and Industry of India and the Ministry of Economy, Trade and Industry (METI) of Japan in the framework of India's 'National Manufacturing Policy'.
