Conclusion of US: On 20th August 2020( Thursday), Taranjit Singh, the Indian Ambassador to the US concluded about the ongoing trade negotiations by saying that last year, the bilateral trade between the US and India touched USD 150 billion but now it had faced a dip of 25% in its first half of this year.
This ongoing trade between the US and India would become the first phase of a comprehensive bilateral trade agreement.
India’s bilateral growth is increasing rapidly at a growth rate of 10% on a year to year basis, in 2019 it reached USD 150 billion, as observed by Mr. Sandhu.
What does he say?
He said that “ Our bilateral trade has not been immune to COVID -19 as total between the two countries has reduced by nearly 25% in the first half of 2020 aa compared to 2019.”
He added that today India’s biggest trading partner is the US but still the actual capabilities are yet to be discovered and reached.
The first step in making out the capacity or the potential is to conclude the ongoing Conclusion of US trade negotiations which would become Phase 1 of a comprehensive bilateral trade agreement, he informed.
The full potential of Bilateral and commercial relations, job creation in both the countries, and the increasing bilateral investment will be reflected through such kinds of agreements.
The US has imposed high duties on some of the steel and aluminum products, resumption of export benefits to certain domestic items under the Generalized System of Preference (GSP), and a bigger market access for its products from sectors such as engineering, automobile components, agriculture, and automobile. India is asking for a release from those high duties imposed.
On the other side, the US is increasing its concerns over a high trade deficit with India and wanting a greater market for its manufacturing products, dairy products, medical items, and farms.