New Delhi: Non-tariff barriers and “red tape” that slow market access should be dismantled with haste to boost India-US trade ties, the US-India Business Council (USIBC) said as the two sides are holding initial negotiations for a trade deal.
Commerce Minister Piyush Goyal is in Washington to hold talks with his American counterpart Howard Lutnick and US Trade Representative Jamieson Greer.
India and the US agreed to begin negotiations for a trade deal following talks between Prime Minister Narendra Modi and US President Donald Trump in Washington, DC, last month.
“We wish both governments success in their negotiations and urge both sides to leverage the trade relationship for shared growth,” USIBC President Ambassador Atul Keshap said Tuesday (Monday US time).
“Meaningful trade facilitation through a sweeping bilateral trade deal is long overdue and would be instrumental in boosting the GDPs of both America and India and bind our two mighty economies closer together,” he said.
It is expected that a major focus of the trade negotiations will be on tariffs.
Trump’s policy on “reciprocal tariff” for all trading partners of the US has stoked global concerns.
For years, the US and Indian businesses have invested in each other’s countries without a formal investment or trade framework, Keshap said.
India represents only 2.5 percent of America’s trade volumes, and that number can and should increase substantially, he said.
Keshap said both sides should now work with focus to formalise a level playing field, full and open market access, swift dispute arbitration, and predictable tax and regulatory policies to boost investment, growth, and job creation in both countries.
“Non-tariff barriers and red tape that slow market access should be dismantled with haste. The opportunity for both sides is a landmark bilateral agreement that can further unleash entrepreneurship and GDP growth in both countries,” he said.
“Now is the time for ambitious outcomes between Washington and Delhi.”
“Our USIBC member companies -? American and Indian -? enthusiastically applaud the efforts of both governments and wish them productive talks that deepen the strategic, economic, and technological partnership between the people of the United States and the people of India,” he added.
PTI
