'Mini trade deal expected during Trump's visit'

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SME Times News Bureau | 17 Feb, 2020
Expectations are high on a mini trade deal to be announced during US President Donald Trump's visit to India, industry body CII said on Sunday.

The business chamber's Director General Chandrajit Banerjee said: "Expectations remain high on achieving a bilateral 'mini' trade deal, which hopefully lays the foundation for a more comprehensive economic partnership.

"From meeting on the margins of the G7 in France, the G20 in Osaka, the UN General Assembly in New York, to sharing a stage at the 50,000-strong Indian-American Diaspora gathering at 'HowdyModi!' in Houston, the two leaders, Prime Minister Modi and President Trump have consistently engaged in constructive dialogue, with ever-growing bonhomie."

President Trump's first official visit to India signals the significance of India-US relations from a strategic and economic point of view, Banerjee added.

"What the two leaders must also demonstrate now is an ability to work together through challenges and differences and enable more convergence of our shared ambitions and goals," he said.

Apart from the mini trade deal, Banerjee expect investments to take centrestage during the US President's visit.

"As Indian industry enhances its investment and job creation in the US, we expect an interaction of President Trump with leading Indian companies operating in the US. CII's own research shows that at least 100 Indian companies have invested nearly $18 billion and created over 113,000 jobs in the US," he added.

Banerjee said there have been several recent announcements by Indian companies, that have shown the growing impact Indian investment can have on US economy and society, and "we fully expect that to increase". "Likewise we expect investment even higher investment commitments from US companies into India," he added.

"Finally, as we look to enhance international collaboration for the future, we believe both countries must work together to be at the leading edge of the frontiers of knowledge and technology. Artificial intelligence and machine-learning are transforming business and lives as we know it. We hope governments, industry and academia will come together in an effort to explore this further and co-create technologies for the future," he said.