India, US to hold constructive talks to address trade and economic issues

Washington, June 14: India and the United States have agreed to hold comprehensive talks to address trade and economic issues in a positive, constructive and result-oriented manner.

 

Notably, the decision in this regard was taken during a series of meetings in Washington between Commerce and Industry Minister Suresh Prabhu and US Commerce Secretary Wilbur Ross and US Trade Representative Robert Lighthizer.

The meetings were held in a friendly and cordial atmosphere, with the 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.

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.

At the conclusion of his two-day trip to the US, Minister Prabhu while talking to the reporters said that New Delhi and Washington will now work together to expand bilateral trade. The Minister also added that India will send an official team within next few days to work out the details and initiate a comprehensive negotiation on all issues concerning trade and economic relationship between the two countries.

BACKGROUND:

During the two-day visit to the US, Suresh Prabhu also addressed business and industry leaders in meetings organized by US-India Business Council (USIBC) and US-India Strategic Partnership Forum (USISPF) and held meetings with other stakeholders.

In these meetings, the Minister noted the encouraging growth in trade volumes through purchases of US-made civilian aircraft by Indian companies and enhanced cooperation in the area of energy, including procurement of petroleum and LNG by India from the US.

He also pointed out that India’s rapid economic growth will create significant new market opportunities in these and other areas and added that these purchases have already led to a reduction in the bilateral trade deficit in 2017. Future sales will sustain this trend and create a balanced trade relationship between the two countries.