SME Times News Bureau | 18 Jun, 2018
Industry
body Confederation of Indian Industry (CII) has expressed
satisfaction over Commerce Minister Suresh Prabhu's visit to the US,
viewing that it would help to set "a roadmap to resolve
bilateral trade issues expeditiously".
To
take forward the robust commercial ties with the United States and to
resolve outstanding bilateral trade issues, a delegation led by Union
Minister of Commerce & Industry and Civil Aviation Suresh Prabhu
visited USA on 10-12 June 2018 for meetings with his US
interlocutors.
During
the visit, he held series of discussions with key officials including
the US Trade Representative, Robert E. Lighthizer, Secretary of
Commerce, Mr. Wilbur L. Ross and Secretary of Agriculture, Mr. Sonny
Perdue.
India and the US have agreed to
hold official talks soon to address the bilateral trade issues in a
decision that was taken during a series of meetings Prabhu had with
US Commerce Secretary Wilbur Ross and United States Trade
Representative (USTR) Robert Lighthizer in Washington during the
Indian Minister's visit from June 10 to 12.
"The
Confederation of Indian Industry (CII) understands that officials of
USTR may travel to India very soon. CII hopes the trade package to be
negotiated would include the renewal of Generalized System of
Preferences benefits for India which accounts for nearly $6 billion
of Indian exports to the US," CII said in a release.
"During
the (Prabhu) visit, it was stressed that India's recent purchases of
US-made civilian aircraft and procurement of petroleum and LNG from
the US have helped balance India-US trade. Bilateral trade has
increased by more than 15 per cent to $74.5 billion in 2017-18,"
it added.
In March, US President Donald Trump slapped
import tariffs of 25 per cent on steel and 10 per cent on aluminium,
unfolding the prospect of an all-out global trade war as China
retaliated to this and a subsequent US tariff imposition.
India
has sought an exemption from the US tariffs along the lines the US
has allowed to the European Union, Argentina, Australia, Brazil,
Canada, Mexico and South Korea.
Prabhu had earlier said
that India would bilaterally take up the issue of recent trade
protectionism measures with the US.
During his visit, he
also addressed business and industry leaders in meetings organised by
the US-India Business Council (USIBC) and US-India Strategic
Partnership Forum (USISPF) and met other stakeholders.
"It's
a great time to join hands with each other and that is the
realisation within the (US) administration as well. As you know, we
always hear about trade disputes between the US and India, but when I
had a meeting with the USTR, the Commerce Secretary, Agriculture
Secretary, Senators, it is very clear that we must move on, keeping
the issues behind," Prabhu told industry leaders at a reception
hosted by USIBC.
His industry meetings included senior
officials from major American companies such as Boston Scientific,
FedEx, Walmart, Abbott, UTC, Honeywell, PhRMA, MoneyGram, Lockheed
Martin, Koch Industries, Amway, Uber and 21st Century Fox.