Business News | Piyush Goyal Meets Chairman, Japan-India Business Cooperation Committee to Deepen Trade

New Delhi [India], December 16 (ANI): Union Minister of Commerce and Industry Piyush Goyal held discussions with Tatsuo Yasunaga, Chairman of the Japan-India Business Cooperation Committee (JIBCC), to explore ways to further strengthen trade and economic ties between India and Japan.

In a social media post, the Commerce Minister said that he had a productive discussion with Tatsuo Yasunaga and his delegation.

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Goyal stated, "Had a productive discussion with Mr. Tatsuo Yasunaga, Chairman of the Japan-India Business Cooperation Committee (JIBCC) and his delegation. Explored opportunities to further strengthen India-Japan trade ties, enhance business cooperation, and foster innovation in key sectors. Looking forward to deepening this dynamic partnership for mutual growth and prosperity".

India and Japan share strong and steadily growing trade relations. Japan's bilateral trade with India totalled USD 25.17 billion during FY25. Of this, exports from Japan to India stood at USD 18.92 billion, while imports from India were valued at USD 6.25 billion.

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As per government data, Japan's exports to India accounted for 2.06 per cent of India's total imports during FY25, while India's exports to Japan formed 0.75 per cent of India's total exports in the same period. India exported around 3,900 commodities to Japan during FY25, highlighting the diversity of trade between the two countries.

Major items exported from India to Japan include engineering goods worth USD 2.44 billion, organic and inorganic chemicals valued at USD 1.06 billion, marine products worth USD 408.45 million, electronic goods worth USD 658.45 million, gems and jewellery valued at USD 239.51 million, and drugs and pharmaceuticals worth USD 231.52 million during FY25.

On the import side, India imported around 4,000 commodities from Japan in FY25. Imports from Japan to India stood at USD 18.92 billion during the year. Key imports included nuclear reactors worth USD 3.31 billion, electrical machinery and equipment valued at USD 2.01 billion.

The recent engagement between the Commerce Minister and the JIBCC Chairman comes close on the heels of high-level political exchanges between the two countries.

At the invitation of the Prime Minister of Japan, Ishiba Shigeru, Prime Minister of India Narendra Modi paid an official working visit to Japan on August 29-30, 2025, for the 15th India-Japan Annual Summit.

During the summit, the two Prime Ministers welcomed sustained high-level exchanges, ministerial and parliamentary engagements, reflecting the depth of trust and strength of the bilateral relationship.

Over the past decade, the India-Japan partnership has expanded significantly across areas such as security, defence, trade, investment, commerce, science and technology, skills and mobility, and cultural and people-to-people ties. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)