India and Japan has reached an agreement on Japan’s fee for technical services (FTS) on Indian corporation’s operations in that country. With the lowering of tax rate from 30% to 10% and the drop in requirement to pay tax on offshore earnings by Indian companies, have improved margins of companies operating in Japan. This was a major hurdle for Indian investment in Japan, especially for Information Technology companies. From a net importer early 21st century, India is fast evolving as a net exporter where the country has successfully negotiated deals with several countries including Hungary and Slovenia and is renegotiation dual taxation with Singapore and Italy.