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US, India agree to resolve outstanding trade issues

May '19
Pic: Tom Fisk from Pexels
Pic: Tom Fisk from Pexels
India and the United States agreed on May 6 to regularly engage to resolve outstanding trade issues by exploring mutually beneficial solutions, the Indian commerce and industry ministry said after US commerce secretary Wilbur Ross met Indian counterpart Suresh Prabhu in New Delhi, where the former is attending the 11th Trade Winds business forum and mission.

The three-day Trade Winds Indo-Pacific is being hosted by the US department of commerce.

Both sides agreed to deepen economic cooperation and bilateral trade by ensuring greater cooperation amongst stakeholders, including government, businesses and entrepreneurs, the official Indian statement said.

Both sides expressed satisfaction over the progress during 2018, with bilateral trade in goods and services registering a growth of 12.6 per cent from $126 billion in 2017 to $142 billion in 2018.

A new bilateral private sector led small business inter-action initiative, the US -India SME Forum, was also held, which is expected to pave the way for collaboration and partnership between US and Indian small and medium enterprises (SMEs) in manufacturing and services.

The US Commercial Service will bring more than 100 US companies to India as part of Trade Winds, which, till now, has helped US firms conduct over 4,000 pre-vetted, business-to-business meetings and over 6,000 government-to-business meetings around the world, according to a press release from the US Embassy in India.

Exports of US goods and services to India reached $58.9 billion in 2018, said US Ambassador to India Kenneth I Juster. (DS)

Fibre2Fashion News Desk – India

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