India Exim Bank’s study titled “ Prospects for Enhancing India Japan Trade Relations”has noted that over the past decade, India’s total trade with Japan has increased from $ 10 billion to almost $ 18 billion, with exports valued at US$ 5 billion and imports $ 13 billion in 2019. However, despite having a Comprehensive Economic Partnership Agreement (CEPA) with Japan, India has been running a persistent trade deficit with Japan, which has more than doubled during the decade, to almost US$ 8 billion in 2019. The Study, through the trade complementarity analysis, recommends suitable product categories in which India has a latent advantage in exports. The study suggests that there is significant potential for India’s exports in categories such as mineral fuels and oils, electrical machinery and equipment, machinery and mechanical appliances, optical, photographic equipment, pharmaceutical products, articles of apparel and clothing, etc.