Vol. 3, Issue 7, Part S (2017)

Abstract
The strategic relationship between India and Japan has taken a new turn with the Comprehensive Economic Partnership Agreement (CEPA). This agreement is marked as a first Free Trade Agreement (FTA) negotiation of India with a developed economy. The main objective of this partnership agreement is to liberalise and simplify the trade in goods and services, promote business environment, and increase the opportunities in investment between India and Japan. This paper focuses on the bilateral gains and benefits of the CEPA and the challenges this partnership agreement faces while moving forward. It also looks into many important questions, such as how CEPA has performed, how it is working on its objectives, and to what extent both parties have profited.