India has made significant investment in US
There will be greater opportunities for US exports to India, starting with crude oil shipment this year and the Liquefied Natural Gas deliveries from next year.
Underlining these strong points, Commerce and Industry Minister Suresh Prabhu pointed out bilateral trade growths between India and the United States as the Indian economy grows and the American revive their manufacturing.
Indian aviation companies such as Spicejet and Jet Airways have placed orders for over 300 aircrafts valued at several billions of dollars, he said.
These developments will go a long way in having a free, fair and balanced trade between India and the US.
He stressed that the issue of trade deficit should be viewed in the larger context of the growing economic and strategic partnership between the two countries that has grown and strengthened in recent years.
India has made significant investments in the US and Indian skilled workers and students make important contributions to the US economy, he said during the 11th Trade Policy Forum (TPF) Meeting in Washington D.C. on 26 October 2017.
The minister noted that the TPF serves as a robust platform that contributes towards promoting bilateral trade and investment between India and the US.
Prabhu discussed with United States Trade Representative, Ambassador Robert Lighthizer issues related to bilateral trade between the two countries, areas of mutual cooperation, market access in agriculture, non-agricultural goods and services and Intellectual Property Rights (IPR).
Among other issues, he also sought easing of procedure for export of Indian mangoes and pomegranates and market access for table grapes from India. Visa-related issues for Indian professionals were also discussed during the meeting.
The minister encouraged American companies and manufacturers of medical devices to establish manufacturing facilities in India.
He also pointed out that the Draft Pharmaceutical Policy addresses many of the US concerns and sought comments from industry stakeholders on the draft policy.
The minister also sought the support of the US to India’s proposal on the Trade Facilitation in Services Agreement which has been tabled by India at the World Trade Organization.
At the conclusion of TPF, both Ministers decided that the two countries will continue to work towards building strong trade and investment ties to realize mutual gains from the partnership. fii-news.com
