Categories: Business

Discussion on the possibility of free trade agreement between India, US, Commerce Ministers spoke on the phone

Photo: GOOGLE

India, US discuss possibility of free trade agreement

new Delhi. India and the United States discussed the possibilities of negotiating a free trade agreement between the two. He also expressed a desire to complete negotiations for an early trade agreement. The Commerce Ministry said this on Thursday. These issues were discussed in an informal telephonic conversation between Commerce and Industry Minister Piyush Goyal and US Commerce Minister Wilbur Ross on Thursday.

India and the United States are negotiating a limited trade agreement to resolve trade-related issues between the two to boost economic relations.

The ministry said that in the negotiations, it was expressed that this initial limited trade package should be completed soon. During this time, the possibility of a free trade agreement was considered to recognize the complementarity of bilateral trade between India and the US.

India, on the one hand, exempted the United States from higher tariffs on certain products like its steel and aluminum, restored export benefits of domestic products under the US generalized preferential system and increased India's agricultural, auto, auto components and engineering products. The market is demanding access. At the same time, the US wants greater market access in India for its agricultural and manufactured products, dairy products and medical equipment, as well as import duty cuts on some information and communication technology products. The US has also expressed concern over its high trade deficit with India.

This post was published on July 17, 2020 10:40 am

Content Team

Recent Posts

ICICI Bank raised Rs 15,000 crore from QIP, issued 41.89 crore shares to investors at Rs 358

Photo: BUSINESS INSIDER INDIA ICICI Bank closes QIP; garners Rs 15,000 cr from share sale new Delhi. ICICI Bank, the…

Jio-RCom spectrum sharing deal not connected with AGR liability | Jio-RCom spectrum partnership deal not linked to AGR liability, will not pay

Photo: YAHOO FINANCE Jio-RCom spectrum sharing deal not connected with AGR liability new Delhi. Reliance Jio's four-year-old telecom spectrum partnership…

Google Pixel 5 May Only Launch in XL Variant will be launched in India this year, only Google Pixel XL, phone will not be launched on small screen

Photo: GADGET 360 Google Pixel 5 May Only Launch in XL Variant San Francisco. Google is reportedly planning to launch…