India offers the U.S. a resolution to trade issues

April 7, 2019 |

In India, Union Minister Suresh Prabhu said that the commerce ministry made an offer to the U.S. to resolve trade issues between the two countries, including various agricultural and IT trade sectors. The trade balance is in favor with India currently with India’s exports to the U.S. in 2017-18 at USD 47.9 billion, while imports were USD 26.7 billion.

The trade requests from the U.S. involve more than one ministry such as IT and agriculture and the commerce ministry met with several of those departments to come up with an officer for the U.S. that takes into consideration all of the aspects. The U.S. is “demanding greater market access for its agricultural, dairy products and medical devices. Besides, they are seeking reduction in import duties on certain IT products and increasing their exports to bridge trade deficit with India,” according to DevDiscourse.

Details about the offer were not disclosed. The U.S. “recently withdrew benefits being provided by them to Indian exports under their Generalised System of Preferences (GSP) program and the US has decided to go ahead with its decision to scrap the preferential trade benefit under GSP scheme after 60 days, which is expected to impact India’s exports to the US worth USD 5.6 billion under this programme,” according to DevDiscourse.

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