New Delhi: A high-level commerce delegation from the US is predicted to go to India subsequent week to seek out methods to resolve the latest commerce tensions between the 2 international locations, official sources stated Thursday.
Commerce Minister Piyush Goyal can be more likely to journey to Washington within the subsequent few weeks as half of a bigger bilateral engagement to thrash out the variations between the 2 sides on tariffs, they stated.
Commerce ties between the 2 sides have come underneath pressure after the US final month introduced its choice to finish preferential commerce standing for India.
As a retaliatory measure, India additionally introduced elevating tariffs on 29 items imported from the US.
The US delegation is visiting India subsequent week to thrash out sticky points, sources stated.
When requested about friction between the 2 international locations on the tariff concern, Spokesperson within the Ministry of Exterior Affairs Raveesh Kumar stated the broad trajectory of India-US ties remained constructive.
“The dialogue between Prime Minister Narenrda Modi and US President Donald Trump in Osaka was very open and productive,” he stated, including there was sure to make certain variations in any multi-dimensional relationship.
Modi and Trump held a bilateral assembly on the sidelines of the G-20 summit in Osaka final month throughout which a variety of points have been mentioned together with commerce ties between the 2 international locations.
The Trump administration terminated India’s designation as a beneficiary of the Generalised System of Desire (GSP) of the US on 5 June, ending the nation’s $5.6 billion commerce concessions underneath the important thing programme.
The GSP is the most important and oldest US commerce desire programme and is designed to advertise financial growth by permitting duty-free entry for hundreds of merchandise from designated beneficiary international locations.
India was the most important beneficiary of the GSP programme in 2017 with $5.7 billion in imports to the US given duty-free standing, in keeping with a Congressional Analysis Service report printed in January.
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