Contact Your Financial Adviser Money Making MC
13 June 2018
 |
US INDIA (The Total Investment & Insurance Solutions)
India
and the US have agreed to hold official-level comprehensive talks to address
trade and economic issues, days after President Donald Trump accused New Delhi
of charging 100% on some of the US’s goods.
The
decision was taken during a series of meetings visiting commerce and industry
minister Suresh Prabhu had with US commerce secretary Wilbur Ross and US Trade
Representative Robert Lighthizer.
“We
will now work together to expand (bilateral) trade,” Prabhu told a group of
Indian reporters on Wednesday in New Delhi, at the conclusion of his two-day
trip to the US. The Total Investment
& Insurance Solutions
India
will send an official team to work out the details and initiate a comprehensive
negotiation on all issues concerning trade and economic relationship between
the two countries. “The team will come within the next few days,” Prabhu said. The Total Investment & Insurance
Solutions
Acknowledging
that both sides have trade and tariff issues with each other, the minister said
officials would hold talks on all of them.
President
Trump, in a press conference in Canada’s Quebec City where he attended the G7
summit, took a swipe at India along with the world’s other top economies and
accused New Delhi of charging 100% tariff on some of the US’s goods, as he
threatened to cut trade ties with countries who are robbing America.
Indian
Ambassador to the US Navtej Singh Sarna said New Delhi has written to the US on
steel and aluminum tariffs. The Total
Investment & Insurance Solutions
A
full-fledged case has been made by India for waiver of steel and aluminum
tariffs, he added. “It has been a very positive engagement.”
In
addition to Ross and Lighthizer, Prabhu held talks with Agriculture Secretary
Sonny Perdue. He also met two powerful Senators John Cornyn and Mark Warner -
the two co-chairs of the Senate India caucus.
“The
meetings were held in a friendly and cordial atmosphere, with appreciation for
each other’s points of view. Discussions centered around bilateral trade and
commercial relations between the two countries and focused on finding the way
forward to address concerns of both sides,” the Indian Embassy said in a
readout of the meetings. The Total
Investment & Insurance Solutions
“In
this context, it was agreed that Indian and US officials would meet at a senior
level at an early date to discuss various issues of interest to both sides and
carry forward the discussions in a positive, constructive and result oriented
manner,” it said. The Total Investment
& Insurance Solutions
During
his two-day visit to Washington DC, Prabhu addressed business and industry
leaders in meetings organised by US-India Business Council (USIBC) and US-India
Strategic Partnership Forum (USISPF) and held meetings with other stakeholders. The Total Investment & Insurance
Solutions
“It’s
a great time to join hands with each other. And that’s the realisation within
the (Trump) administration as well. Therefore, we have really decided to move
on. As you know, we always hear the trade disputes between US and India, but
when I had meeting with the USTR, with the Commerce Secretary, with Agriculture
Secretary, with Senators, it is very clear that we must move on, keep the
issues behind,” Prabhu told industry leaders at a reception hosted by USIBC in
association with the FICCI and Manhattan Chamber of Commerce.
In
his interaction with industry leaders at an event organised by the USISPF,
Prabhu spoke about the improvements that have been made in the trade
relationship, including trade deficit reduction.
“Every
great partnership has areas of agreement and disagreement. I’m hopeful that the
US investment corridor is only going to grow, and I’m confident that we will be
able to bridge our gaps,” Prabhu noted.
The
industry interaction included senior officials from leading US companies such
as: Boston Scientific, FedEx, Walmart, Abbott, UTC, Honeywell, PhRMA, MoneyGram
International, Lockheed Martin, Koch Industries, Amway, Uber, 21st Century Fox,
and Medtronic. The Total Investment
& Insurance Solutions
Noting
that India and the US have an important strategic relationship and shared
goals, USIBC president Nisha Desai Biswal said the council is a constructive
partner in achieving the full potential of the US-India commercial opportunity.
The
USIBC roundtable organised in association with the CII comprised of US and
Indian industry giants from the energy, aerospace, ICT, life sciences and
defence sectors who reiterated India’s position as a critical market while also
raising issues facing their companies such as data localization and price
controls, as well as public procurement and operational hurdles.
In
engaging with critical stakeholders, Prabhu highlighted the ongoing policy
reforms being pursued by India to improve its business climate and remove bureaucratic
hurdles. The Total Investment &
Insurance Solutions
Prabhu
noted that India will soon release its new Industrial Policy, aimed at
transforming India into a modern, flourishing, economic powerhouse.
During
the interaction, he emphasized the importance of a dispute redressal mechanism,
and resolving such issues together in a way that does not derail but rather
strengthens bilateral ties.
Under
Trump, trade dispute between India and the US has increased, with his
administration asking New Delhi to lower its trade barriers and open up its
market. The Total Investment &
Insurance Solutions
Trump
has repeatedly raked up the issue of India imposing high import duty on the
iconic Harley-Davidson motorcycles and threatened to increase the import tariff
on “thousands and thousands” of Indian motorcycles to the US.The Total Investment & Insurance
Solutions
No comments:
Post a Comment