Growth, Investment and Trade Challenges: India and Japan
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1 Growth, Investment and Trade Challenges: India and Japan October 31, 2017 Shujiro URATA Waseda University
2 Outline 1. Economic Growth: Japan and India 2. Foreign Trade and Investment 3. India Japan EPA and Regional Comprehensive Economic Partnership (RCEP) 4. Concluding Remarks
3 1. Economic Growth: Japan and India Japan: Low economic growth Challenges: declining and ageing population, low productivity, high government debt, etc Policies: Abenomics, Growth Strategy (domestic reform and market opening: education, labor market, etc) India: High economic growth Challenges: participate in regional production network (supply chains), infrastructure (hard and soft), Improvement in human resources, expansion in manufacturing, flexible labor market, etc Policies: Modinomics
4 GDP Growth Rate (%)
5 Investment GDP Ratio (%)
6 2. Foreign Trade and Investment Importance of trade and foreign direct investment (FDI) in GDP increased for India and Japan Bilateral trade and FDI increased but the proportions to their world trade and FDI have not increased
7 Trade (goods and services) GDP Ratios
8 Foreign direct investment, net inflows (% of GDP)
9 Japan s Trade with India
10 India s Trade with Japan
11 Japan s FDI to India ($million, %)
12 Promising Host to Japanese Firms JBIC 2016 Survey)
13 Japan s FDI to India: Attractive Features and Problems (JBIC 2016 Survey of Japanese Manufacturing Firms) India: attractive investment destination #1 Attractiveness (% of respondents) 1. Future growth potential of local market (85.2%) 2. Current size of local market (30.9%) 3. Inexpensive source of labor (28.7%) 4. Supply base for assemblers (20.6&) Problems 1. Underdeveloped infrastructure (51.4%) 2. Unclear execution of legal system (35.4%) 3. Intense competition with other companies (34.9%) 4. Complicated tax system (32.5%)
14 3. India Japan EPA and RCEP India Japan EPA: Enacted in August 2011 India Japan EPA: Expansion of utilization in Japan s exports to India Trade Liberalization: Room for further liberalization Regional Comprehensive Economic Partnership (RCEP): Negotiation began in May 2013, 19 rounds of negotiation by September 2017
15 Japan s FTAs (as of October 2017) Start of Signing of Enactment of FTA Partners negotiations agreement agreement In action Singapore Jan 2001 Jan 2002 Nov 2002 Mexico Nov 2002 Sep 2004 Mar 2005 Malaysia Jan 2004 Dec 2005 Jul 2006 Chile Feb 2006 Mar 2007 Sep 2007 Thailand Feb 2004 Apr 2007 Nov 2007 Indonesia Jul 2005 Aug 2007 Jul 2008 Brunei Jun 2006 Jun 2007 Jul 2008 ASEAN Apr 2005 Apr 2008 Dec 2008 Philippines Feb 2004 Sep 2006 Dec 2008 Switzerland May 2007 Feb 2009 Sep 2009 Vietnam Jan 2007 Dec 2008 Oct 2009 India Jan 2007 Feb 2011 Aug 2011 Peru May 2009 May 2011 Mar 2012 Australia Apr 2007 Jul 2014 Jan 2015 Mongolia Jun 2012 Feb 2015 Jun 2016 Signed TPP* Jul 2013 Feb 2016 In South Korea** Dec 2003** negotiation GCC*** Sep 2006*** Canada Nov 2012 Colombia Dec 2012 China-Japan-S.Korea Mar 2013 EU Apr 2013 RCEP May 2013 Turkey Dec
16 Issuance of COOs for Japan India EPA (monthly data)
17 FTA Coverage Ratios: Share of trade with FTA partners in total trade (%), 2015 FTA coverage ratio FTA coverage ratio Total Exports Imports Total Exports Imports Japan ASEAN USA Singapore Canada Malaysia Mexico Vietnam Chile Thailand Peru Indonesia EU28 Total India Extra-EU Australia China NZ Korea
18 Trade Liberalization: Declining Tariff Rates (%) Nonmanufactur ing Nonmanufactur Manufactu ing ring All products Manufactu ring All products Japan Brazil China Colombia India Argentina Korea Chile Indonesia Mexico Malaysia Uruguay Philippines US Thailand Canada
19 Region-wide FTAs in East Asia: TPP, RCEP, China-Japan-Korea (CJK) FTA, FTAAP RCEP(ASEAN+6) (ASEAN+CH, JP, KR, IND, AUS, NZ) TPP Vietnam Viet Nam Malaysia Singapore Japan Brunei TPP Canada USA Mexico Peru Australia New Zealand Chile ASEAN+1 FTA India China Korea Japan Australia & NZ China Japan Korea FTAAP (APEC) Russia China Korea Japan CH. CH. Taipei HongKong Thailand Brunei Malaysia Vietnam Philippines Singapore Indonesia PNG Australia New Zealand Canada US Mexico Peru Chile
20 Mega FTAs in Asia Pacific: TPP, RCEP Current Status TPP negotiations began in March 2010, reached an agreement in October 2015, signed in February 2016, under the ratification process. The US withdrew from the TPP, making it impossible to enact TPP. TPP11 (TPP US) is being discussed. RCEP negotiations began in May 2013, aiming to conclude by the end of China Japan Korea FTA negotiations began in March 2013 but limited progress. 20
21 Positions in FTAAP FTAAP: Long term goal of regional economic integration in Asia Pacific TPP and RCEP are both pathways to FTAAP TPP and RCEP should be complementary Special characteristics TPP: high level of trade and FDI liberalization and comprehensive issue coverage RCEP: medium (?) level of trade and FDI liberalization, broad issue coverage, wide country coverage (ASEAN, China, Japan, Korea, India, Australia, and NZ) 21
22 Tariff Elimination Ratios in the TPP (% share of products, whose tariffs will be eliminated, in total number of products) Total Agricultural products Industrial products Eventual elimination Immediate elimination Eventual elimination Immediate elimination Eventual elimination Japan US Canada Australia NZ Singapore Mexico Chile Peru Malaysia Vietnam Brunei
23 Comparison of Issue Coverage for TPP, RCEP, WTO TPP RCEP WTO Market Access for Goods Rules of Origin and Origin Procedures Textiles and Apparel Customs Administration and Trade Facilitation Trade Remedies Sanitary and Phytosanitary Measures Technical Barriers to Trade Investment Cross Border Trade in Services Financial Services Temporary Entry for Business Persons Telecommunications Electronic Commerce Government Procurement Competition Policy State-Owned Enterprises and Designated Monopolies Intellectual Property Labor Environment Cooperation and Capacity Building Competitiveness and Business Facilitation Development Small and Medium-Sized Enterprises Regulatory Coherence Tranparency and Anti-corruption Administrative and Institutional Provisions Dispute Settlelement Note: indicates the issue is covered, is likely to be covered,. is partially covered. Sources: TPP are taken from the TPP text and RCEP are based on the information given by RCEP "Guiding Principle and Objectives for Negotiating RCEP" and other sources
24 Reasons for Mega FTAs Establish a rule based, transparent, open business friendly environment, particularly for building regional production networks (supply chains) Overcome spaghetti (noodle) bowl effect by setting common rules (e.g. rules of origin) Establish a single common market by adopting cumulation in the definition of rules of origin 24
25 Reasons for TPP11 and RCEP Achieve Economic Growth Fight against growing protectionism TPP11 A model FTA (high level of liberalization and comprehensive coverage) Keep the momentum for mega FTAs Put the pressure on the US US may change its policy toward TPP RCEP Comprehensive country coverage Put competitive pressure on TPP Put the pressure on the US 25
26 4. Concluding Remarks Japan and India need to increase bilateral cooperation, in order to promote economic growth of the two countries and to promote economic growth of the Asia Pacific region Specifically, Japan should promote economic cooperation for building both hard and soft infrastructure Japan and India should make use of India Japan EPA Japan and India should cooperate to reach an agreement in RCEP Japan and India should cooperate in dealing with the Belt and Road Initiative (BRI) and Asian Infrastructure and Investment Bank (AIIB)
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