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Door open for India for serious trade proposal: US
26 Mar '19
2 min read
Noting trade to be an area of frustration in ties, the United States recently said the door is open if India is prepared to put forward a serious proposal to address trade and market access issues. It has struggled with regulatory issues that hinder ease of doing business and market access for US companies and products, a top State Department official said.
The United States in November last year revoked duty-free concessions on import of at least 50 Indian products, mostly from handloom and agriculture sectors.
Despite intensive engagement with New Delhi for about a year, India did not assure that it would provide equitable and reasonable access to its market, which led to its termination from the generalised system of preferences programme, a news agency reported quoting the senior US official.
While the growing US exports to India, largely crude oil and LNG, led to a 7.1 per cent reduction in bilateral goods trade deficit last year, many structural challenges in the trade relationship are yet to be resolved, he said.
While India argues that it is difficult to take any policy decision now because of pre-poll model code of conduct, US diplomats reportedly point out that the United States has decided on revoking GSP privileges only after exhausting all its options with India.
The US still hopes that the issue can still be resolved before the Indian elections and certainly after that. (DS)
The United States in November last year revoked duty-free concessions on import of at least 50 Indian products, mostly from handloom and agriculture sectors.
Despite intensive engagement with New Delhi for about a year, India did not assure that it would provide equitable and reasonable access to its market, which led to its termination from the generalised system of preferences programme, a news agency reported quoting the senior US official.
While the growing US exports to India, largely crude oil and LNG, led to a 7.1 per cent reduction in bilateral goods trade deficit last year, many structural challenges in the trade relationship are yet to be resolved, he said.
While India argues that it is difficult to take any policy decision now because of pre-poll model code of conduct, US diplomats reportedly point out that the United States has decided on revoking GSP privileges only after exhausting all its options with India.
The US still hopes that the issue can still be resolved before the Indian elections and certainly after that. (DS)
Fibre2Fashion News Desk – India
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