India and Japan are likely to sign a protocol to boost their pharmaceuticals trade during the Convention on Pharmaceutical Ingredients (CPhI) Japan 2012 which is to be held in Tokyo from March 21 to 23 this year.

According to sources, India's union commerce and industry minister Anand Sharma will be travelling to Japan with other delegates from the ministry along with the Pharmexcil team to look at the possibility of having closer trade relation under the Comprehensive Economic Partnership Agreement (CEPA) between India and Japan that was signed in August last year. 

Dr P V Appaji, executive director of Pharmexcil, said,“If things go as planned, this initiative by the government will act as a huge impetus to the Indian generic industry that is looking forward to do business in Japan. It will be mutually beneficial for both the countries as it will extend the scope of mutual understanding and help in strengthening trade relations between Japan and India,” Dr Appaji said. 

He informed that this move comes in the wake of Japan's new approach towards India which gives national treatment to Indian companies who are looking forward to start business in Japan. Till recently, Japan had stringent policy when it came to generic pharma business that refrained companies from looking at opportunities in Japan.