As US-India bilateral trade has not been immune to COVID-19, with the total trade between the two countries reducing by nearly a quarter in the first half of 2020 compared to 2019, the first step in realising the true potential of this trade relationship is to conclude the ongoing trade negotiations, which would become the phase 1 of a comprehensive bilateral trade agreement, Indian ambassador to the United States Taranjit Singh Sandhu said recently.

Bilateral trade between the two sides touched $150 billion last year. Such an agreement would reflect the full potential of bilateral and commercial relations, increasing bilateral investments and job creation in both the countries, Indian media reports quoted Sandhu as saying at a webinar organised by the Federation of Indian Chambers of Commerce and Industry (FICCI).

Both the countries are negotiating a limited trade deal to iron out differences on trade issues to boost economic ties.

India is demanding exemption from high duties imposed by the United States on some steel and aluminium products, resumption of export benefits to certain domestic items under the generalised system of preferences (GSP), and greater market access for its products from sectors such as agriculture, automobile, automobile components and engineering.

On the other hand, the US wants greater market access for its farm and manufacturing products, dairy items and medical devices, apart from cut in import duties on some information and communication technology products. The US has also raised concerns over high trade deficit with India.

Fibre2Fashion News Desk (DS)

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