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India


India, US to find ways to resolve trade differences

India, US to find ways to resolve trade differences

New Delhi, June 26 (UNI) India and the US on Wednesday said they would look for ways to work through issues of disagreement such as on trade and tariff in the big picture framework of the relationship.

"Great friends are bound to have disagreements," Pompeo told reporters after talks with External Affairs Minister S Jaishankar.

"India is an important friend and partner for America. We’re looking at the issues at the moment. We will find a way to work through them. We can see each other not just as bilateral partners, but something much bigger than that, so that we can help each other all around the world.”

Jaishankar suggested a constructive and pragmatic approach.

“If you trade with somebody and particularly if they’re your biggest trading partners, it is impossible that you do not have trade issues," he said.

"The sign of a mature relationship is your ability to negotiate the way through that relationship."

Later speaking at a round table with Indian business leaders during the day, Pompeo said The US is India’s best trading partner and top market for exports. "There is enormous potential to grow our trade relationship and stimulate the jobs in both countries."

The Trump administration imposed higher duties on Indian products including aluminum and steel. India imposed tariffs on 28 American products including walnuts and almonds on June 16 in retaliation for the US ending India's preferential trade status on June 1.

Speaking in Parliament, Commerce Minister Piyush Goyal said the government will not allow trade negotiations to overtake national interest.

On Tuesday, Goyal discussed with Indian Ambassador to US, Harsh Vardhan Shringla the trade situation between the two nations in the backdrop of ongoing negotiations.

Trade in goods and services grew14.5 per cent in 2018 with the US. The trade in goods registered a growth of 22.4 per cent and trade in services registered 9.3 per cent, the minister said in a written reply in the Lok Sabha.

The visiting US official also met Prime Minister Narendra Modi during which Modi expressed his strong commitment to achieve the full potential of bilateral relations in trade and economy.

Jaishankar said, "The US wants greater market access. We've got to get the economic piece right."

UNI SRJ

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