India, US hold discussions on ways to promote trade, investments

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New Delhi | September 07, 2018 10:27 PM

Senior officials of India and the US Friday held detailed deliberations on ways to resolve trade related issues and boost economic ties.

india us news, latest news, india business news india, us business newsThe meeting assumes significance as India has announced hike in customs duties on as many as 29 products, including pulses, iron and steel products, imported from the US as a retaliatory action against the tariff hikes by Washington. (PTI)

Senior officials of India and the US Friday held detailed deliberations on ways to resolve trade related issues and boost economic ties. “India – US Commercial Dialogue Intersessional meeting held. Indian delegation led by Commerce Secretary Anup Wadhawan and US side by Gilbert Kaplan, Under Secretary, USDOC,” the Department of Commerce said in a tweet.

The meeting assumes significance as India has announced hike in customs duties on as many as 29 products, including pulses, iron and steel products, imported from the US as a retaliatory action against the tariff hikes by Washington. The meeting follows a visit by Indian officials to the US last week. It was the first meeting of the two sides after India deferred its retaliatory tariffs by 45 days to September 18.

US Trade Representative (USTR) for South and Central Asian Affairs Mark Linscott and Deputy USTR Jeffrey D Gerrish are likely to visit India next week to continue the talks. India is pressing for exemption from high duty imposed by the US on certain steel and aluminium products and resumption of export benefits to certain domestic items under their Generalised System of Preferences (GSP).

As many as 3,500 Indian products from sectors such as chemicals and engineering get duty-free access to the US market under the GSP, introduced in 1976. India’s exports to the US in 2017-18 stood at USD 47.9 billion, while imports were USD 26.7 billion. The trade balance is in favour of India.

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