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Bilateral Issues - August 2011

India- Japan CEPA (Comprehensive Economic Partnership Agreement) enters into force on 1 August 2011. This is India’s 3rd Comprehensive Economic Partnership Agreement (after Singapore and South Korea) and India’s first with a developed country. The Agreement is most comprehensive of all the agreements concluded by India so far as it covers more than 90% of trade, a vast gamut of services, investment, IPR, customs and other trade-related issues. Under the India- Japan CEPA only 17.4% of the tariff-lines have been offered for immediate reduction of tariff to zero % by India. Tariffs will be brought to zero in 10 years on 66.32% of tariff lines to give sufficient time to industry to adjust to the trade liberalization. 
Under the India-Japan CEPA, India will be benefited by Japanese investments, technology and world-class management practices that come with it.
Japan can take advantage of India‘s huge and growing market and resources, especially its human resources. The current bilateral trade between India and Japan is a little over 12.6 billion US dollars and it is expected that it will touch 25 billion US dollars by 2014.

UGC-British Council Signed MoU Under Second Phase of UK India Education and Research Initiative Ved Prakash, Chairman of University Grants Commission (UGC) and Rob Lynes, Director of British Council (on behalf of UK UKIERI partners) formally signed a Memorandum of Understanding (MoU) on, 16 August 2011 to support all activities and programmes agreed under Phase Two of the UKIERI programme relating to the University sector across the four strands.

India Signed Double Taxation Avoidance Agreement (DTAA) with Georgia.  The Government of India on 24 August 2011 signed an Agreement for Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and on Capital (DTAA) with Government of Georgia. The Agreement was signed by M.C.Joshi, Chairman, Central Board of Direct Taxes (CBDT) on behalf of the Government of India and Zurab Katchkatchishvili, Ambassador of Georgia to India on behalf of the Government of Georgia. 



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