Categories: Business

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


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

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