According to The Economic Times, Union Commerce and Industry Minister Piyush Goyal said on Tuesday that bilateral trade between India and Japan stood at around USD 27.5 billion in FY 2025-26, but remained only a fraction of the potential between the two countries. Goyal made the remarks while addressing a Japanese delegation at the UP-Japan Investment Meet 2026.
Trade figure points to untapped potential
The Economic Times reported that Goyal described the bilateral trade level as still only a fraction of the potential between the two countries, signalling that official circles view the current figure as far below what the two economies could achieve. The minister's statement was delivered at the UP-Japan Investment Meet 2026, where he addressed a Japanese delegation.
"Our bilateral trade stands at around USD 27.5 billion in FY 2025-26, still fraction of our potential," Goyal said.
The USD 27.5 billion figure represents the full-year trade volume between India and Japan for fiscal year 2025-26, according to the report. No breakdown of exports versus imports was provided in the Economic Times coverage, and no comparison with previous years' figures was cited.
Investment target underpins bilateral relationship
In the same address, Goyal said the bilateral relationship was backed by a target of 10 trillion yen in Japanese investment in India over the next decade. This target was highlighted as a key anchor of the economic partnership, though the report did not specify which sectors or projects would contribute to the investment goal.
The minister's remarks come against the backdrop of the UP-Japan Investment Meet 2026, an event focused on strengthening economic engagement between Japan and the Indian state of Uttar Pradesh. The source does not state specific commitments announced at the meet or the size of the Japanese delegation.
Key figures at a glance
| Metric | Value |
|---|---|
| Bilateral trade volume, FY 2025-26 | Around USD 27.5 billion |
| Japanese investment target in India | 10 trillion yen over the next decade |
| Event | UP-Japan Investment Meet 2026 |
What the minister's statement means for trade professionals
For importers, exporters and customs brokers monitoring the India-Japan corridor, the minister's public acknowledgement of the trade figure provides an official data point on the current scale of the relationship. The Economic Times' report attributes the characterisation of the trade figure as a fraction of potential directly to Goyal, underscoring the government's stated view that there is substantial room for expansion.
The targeted investment figure of 10 trillion yen complements the trade data, offering a medium-term anchor for businesses assessing Japanese capital flows into India. However, as per the source, no timeline beyond "the next decade" was specified for the investment target, and no detail was given on how the trade figure would evolve in response to investment inflows.
The report remains limited to the minister's address; it does not include customs data, tariff schedules or commentary from Japanese officials. Trade professionals seeking granular trade statistics would need to consult official customs and commerce ministry datasets separately, according to the article's scope.
Sources:
