Advertisement
Wednesday, Dec 01, 2021
Outlook.com
Outlook.com

US Will Soon Have Trade Deal With India: Trump Assures PM Modi After Meeting

The two countries are negotiating a trade package to iron out issues and promote two-way commerce.

US Will Soon Have Trade Deal With India: Trump Assures PM Modi After Meeting
Prime Minister Narendra Modi with US President Donald Trump | Twitter/PMO
US Will Soon Have Trade Deal With India: Trump Assures PM Modi After Meeting
outlookindia.com
2019-09-25T10:34:44+05:30

US President Donald Trump has said his country will soon have a trade deal with India to boost economic ties between the two nations.

"I think very soon. We are doing very well. (US Trade Representative) Robert Lighthizer who is right here negotiating with India ... I think, very soon we will have a trade deal," Trump told reporters here when asked if there is any trade deal is expected in the talks between India and the US.

"We will have a larger deal down the road ... but we will have a trade deal," Trump added.

Prime Minister Narendra Modi met Donald Trump on the sidelines of the UN General Assembly session and discussed with him bilateral ties.

The two countries are negotiating a trade package to iron out issues and promote two-way commerce.

The US has been pressuring India to lower duties on its products and address the trade gap.

Speaking at the press conference, Modi said: "As far as trade is concerned, I am very happy that in Houston, in my presence there was an agreement signed by Indian company Petronet for $2.5 billion, which is the amount of investment the Indian company is going to do in the energy sector and this will mean that in the years to come, this will result in trade of an amount of $60 billion and create 50,000 jobs which I think is a big initiative taken by India."

The Petronet deal, the largest by an Indian company in US LNG, came after Modi had a meeting with the CEOs of top US-based oil companies on Saturday last week.

India is demanding exemption from high duties imposed by the US on certain steel and aluminium products, resumption of export benefits to certain domestic products under their Generalised System of Preferences (GSP), greater market access for its products from sectors, including agriculture, automobile, auto components and engineering.

On the other hand, the US wants greater market access for its farm and manufacturing products, dairy items and medical devices, and cut on import duties on some ICT products. The US has also raised concerns over high trade deficit with India.

In 2018-19, India's exports to the US stood at $52.4 billion, while imports were $35.5 billion. Trade deficit dipped from $21.3 billion in 2017-18 to $16.9 billion in 2018-19.

India received FDI worth USD 3.13 billion from the US in 2018-19, higher than $2 billion in 2017-18.

(PTI)

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

How Parag Agrawal Obsessively Focused On Controlling Hate Speech As Twitter CTO

How Parag Agrawal Obsessively Focused On Controlling Hate Speech As Twitter CTO

After taking over as CTO of Twitter, Parag Agrawal’s main focus was on using AI and ML to identify hate speech and bots that were used to spread misinformation through the microblogging site.

'Omicron Virus' Or 'South Africa Variant'? Here's What Not To Call New Covid-19 Strain

'Omicron Virus' Or 'South Africa Variant'? Here's What Not To Call New Covid-19 Strain

The Omicron variant of Covid-19 has led to several discussions on WHO's method of naming virus variants on Greek alphabets. But terms like 'South Africa virus' have remained in use.

IPL 2022 Retention: Who Stays And Who Goes - Full List

IPL 2022 Retention: Who Stays And Who Goes - Full List

IPL Retention list was replete with full of expected names but there were some big omissions too. The mega auction will have a massive pool of stars that teams can now choose from.

Kashmir: Why Is BJP Predicting Doomsday For J&K 2 Years After Article 370 Abrogation

Kashmir: Why Is BJP Predicting Doomsday For J&K 2 Years After Article 370 Abrogation

The statement, issued by senior BJP leader of J&K Ashwani Kumar Chrungoo, raises concern for minorities living in Kashmir Valley.

Advertisement