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Free trade agreement next front in Indo-US ties: USIBC top advocacy group

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A free trade agreement is the next frontier in Indo-US ties, said trade advocacy group USIBC

Washington:

A free trade agreement is the next frontier in India-US ties, the head of a top India-focused trade advocacy group has said, stressing that the world’s two largest economies do not have a trade architecture. There is space between them, although its path is riddled with “obstacles of all kinds”.

US-India Business Council chairperson and former US diplomat Nisha Desai Biswal was speaking at a dinner hosted by IndiaSpora.

“The time has come for us to get serious about where the next frontier lies in US-India relations. And neither for the United States, nor for India, is it more than the TPP for the world’s two largest economies? (Trans-Pacific Partnership) and there is not a business architecture between them,” said Nisha Desai Biswal, chair of the US India Business Council.

He said, “We are starting to see real signs of interest from India to be able to explore it. So, I think it’s time to get serious. It’s not easy. It’s going to be tough with all kinds of obstacles.” The road is full.”

“I’ve heard it described to me that trade talks are a knife fight in a dark alley. It’s time for us to put down the knife, turn on the lights, get down to business,” he said in a lighter vein. Urged a powerful group of Indian Americans to involve both governments on the issue.

Commerce and Industry Minister Piyush Goyal while addressing the 4th Annual Leadership Summit of the US-India Strategic Partnership Forum (USISPF) on Wednesday said that India and the US should engage in a very big way and New Delhi is ready and willing to expand . Economic partnership with America.

He also called for setting an ambitious bilateral trade target of USD 1 trillion over the next 10 years.

On 19 August, he said that hopes for an India-US trade deal were off for now, with the Biden administration telling India that it was not interested in a free trade agreement.

According to commerce ministry data, in 2020-21, trade between the US and India declined to USD 80.5 billion as compared to USD 88.9 billion in 2019-20.

India’s exports to the US are growing rapidly and the withdrawal of export incentives by the US under the GSP (Generalized System of Priority) has not affected the country’s exports to the US.

India has been demanding exemption from high duties imposed by the US on some steel and aluminum products, restoration of export benefits to certain domestic products under the GSP and greater market access for its products from sectors such as agriculture, automobiles, automobile components and engineering. Is.

The US, on the other hand, wants greater market access for its agricultural and manufacturing products, dairy goods and medical equipment, besides cutting import duties on some information and communication technology products.

In her brief remarks on the occasion, Neera Tandon, Senior Adviser to President Joe Biden, said it is important that Indian-Americans are placed on the table, contributed, included and helped to make decisions.

“Because as so many people have said by now, if you’re not at the table, you’re on the menu. That’s why your voices are so important. Why is it that your engagement is so important, why is your role in everything here What’s so important to you?,” she said.

Former US Ambassador to India Richard Verma said the recent successful visit of Prime Minister Narendra Modi marks a new chapter in this important bilateral relationship.

“We can’t just let it go ashore. We all have to work on it now. The president gave us the roadmap to follow in trade and health and climate and security and much more. I am really excited about the bilateral ties. About and on quadrilateral relations is also comprehensive.”

Raja Krishnamurthy and Dr. Ami Bera of the Indian-American Congress also spoke on the occasion.

(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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