An American trade body has urged President Donald Trump and Prime Minister Narendra Modi to quickly review the bilateral trade relationship and take “concrete actions” to meet the goals set by them during their maiden meeting. Alliance for Fair Trade (AFTI) with India welcomed Trump and Modi’s statements recognising the great potential of the India-US economic relationship. During his meeting with Modi, Trump asked the prime minister to do more to reduce obstacles to US exports to India as the two leaders vowed to further “expand and balance” Indo-US trade relationship. “We urge President Trump and Prime Minister Modi to move quickly to review bilateral trade relations and take concrete actions to meet the two leaders’ goals: expediting regulatory processes, ensuring technology and innovation are appropriately fostered, valued, and protected, and increasing market access in areas such as agriculture, information technology, and manufactured goods and services,” the AFTI said.
It also welcomed Trump and Modi’s recognition of the need to improve trade and investment policies to create a more level playing field for US businesses and manufacturers operating in India.
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Reforms in these areas should address the range of trade barriers that impede businesses and manufacturers in the US from competing fairly in India, such as high tariffs on a range of products that limit US exports, forced localisation measures, remaining foreign ownership restrictions, insufficient protection of intellectual property rights, troublesome regulatory barriers, and inefficient government approvals, it said. “AFTI members stand ready to assist the US and Indian governments in implementing tangible and meaningful policy reforms that will create jobs, promote innovation, and boost both countries’ economies,” it said.