In a press conference held in Washington, External Affairs Minister of India S. Jaishankar, said that trade talks between the two countries are progressing well.
This was held after his meeting with his counterpart, the US Secretary of State, Mike Pompeo and he said that an early agreement on trade issues can be expected soon.
Currently, India is demanding exemption from the high duties imposed by the US on certain steel and aluminum products, resumption of benefits accruing to certain products from the Generalized System of Preferences (GSP) and greater market access to products related to agriculture, automobile and auto components.
India’s benefits under the GSP was suspended last year in 2018.
The US, on the other hand, is demanding greater access to its dairy products, agricultural and other industrial products, reduction of prices related to medical devices and certain other ICT products (Information and Communication technology products).
India is concerned about reducing the prices of ICT products as it fears that its market may be flooded by cheap Chinese products.
The US is also concerned about the high trade deficit it runs with India. In 2018-19, India’s exports to the US stood at US $ 52.4 Billion while imports stood at US $ 35.5 billion. The trade deficit remains US $ 16.9 billion.
As per reports, EAM Jaishankar also discussed other issue with his US counterpart, which covered India’s immediate region, developments in the Gulf and South East Asia.
Summarizing the US visit, the Minister commented on the wide-ranging meetings and engagements of both the Prime Minister and himself.
In an action- packed week, the two leaders held 7 pluri -lateral meetings and more than 40 bilateral meetings. This according to the Minister reflected India’s growing stature in the world and broadening of foreign policy objectives. He further added that a dynamic economy has attracted the world’s attention towards India.
Finally, the Minister also stated that no nation emphatically raised the issue of Article 370.