Stressing that a more balanced bilateral trade relationship is crucial for ensuring long-term sustainability, Commerce Secretary Rajesh Agrawal has said that there is significant export potential for Indian firms in sectors such as pharmaceuticals, textiles, agriculture and services in Japan. The commerce ministry said Agrawal was in Tokyo to attend the Joint Committee Meeting under the India-Japan Comprehensive Economic Partnership Agreement (CEPA). 

During his meeting with the Japanese Vice Minister of the Ministry of Economy, Trade and Industry, the secretary highlighted the need to enhance and diversify bilateral trade and investment. He underscored the importance of harnessing the full benefits of the CEPA, including the movement of natural persons.

He also underlined the importance of achieving a more balanced bilateral trade relationship to ensure long-term sustainability. Besides, India's exports to Japan dipped 3.71 per cent to $4.92 billion during April-January this fiscal (FY26). However, imports jumped 13.47 per cent to $18.08 billion. India has a trade deficit of $13.16 billion.