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National News

Sep 08, 2018
8:39AM

India, US discuss ways to resolve trade related issues & boost economic ties

@DoC_GoI
India and the US have held detailed deliberations on ways to resolve trade related issues and boost economic ties. In a tweet, Department of Commerce said, India-US Commercial Dialogue Intersessional meeting was held in New Delhi yesterday.

Indian delegation was led by Commerce Secretary Anup Wadhawan and US side by Gilbert Kaplan, Under Secretary, USDOC. 

The meeting assumes significance as India has announced hike in customs duties on as many as 29 products, including pulses, iron and steel products, imported from the US as a retaliatory action against the tariff hikes by Washington. 

US Trade Representative for South and Central Asian Affairs Mark Linscott and his Deputy Jeffrey D Gerrish are likely to visit India next week to continue the talks.

India is pressing for exemption from high duty imposed by the US on certain steel and aluminium products and resumption of export benefits to certain domestic items under their Generalised System of Preferences (GSP). 

As many as 3,500 Indian products from sectors such as chemicals and engineering get duty-free access to the US market under the GSP, introduced in 1976.

India's exports to the US in 2017-18 stood at 47.9 billion dollars, while imports were 26.7 billion dollars. The trade balance is in favour of India.

 

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