Union Commerce Minister Piyush Goyal said on Friday, October 18, that Indian exporters are facing challenges in shipping their goods to Japan and South Korea despite the FTA (Free Trade Agreement) with both countries. Addressing the Assocham annual conference, the minister stated: “since the signing of the agreements exports to both these countries have hardly grown, only the imports have grown”. India’s Comprehensive Economic Partnership Agreement (CEPA) with South Korea came into operation in January 2010 and with Japan in August 2011.
The Minister Condemned the Congress govt. for not negotiating FTA (free trade agreement)
Goyal condemned the Congress government for not negotiating FTA (Free Trade Agreement) with ASEAN. Japan and Korea. The criticism noted that selecting wrong partners who are in direct competition to India in the International market and whose products coming the Indian market at lower duties are hurting the domestic manufacturers.
India’s exports and Imports to Korea and Japan
Indian exports to Korea in 2009-10 were around $ 3.42 billion, whereas imports were $ 8.57 billion, but in 2024-25, India’s exports to Korea climbed to $ 5.8 billion. On the other hand, imports rose to $ 21.06 billion. When it comes to Japan, the exports were valued at $ 5.09 billion in 2010-11, and imports were $ 8.63 billion before the agreement with the nation came into operation. In 2024-25, India’s exports to Japan were stalled at $ 6.42 billion, and imports had risen to $ 18.91 billion. Notably, the trade agreement related to the Association of South-East Asian Nations took effect in Jan 2010. Apparently, India’s exports to Asean stood at $ 18.11 billion and imports were valued at $25.79 billion in 2009-10. But in 2024-25, India’s exports to ASEAN were $38.96 billion, whereas imports were valued at $84.15 billion.