Non-tariff barriers, 'red tape' that slow market access should be dismantled: USIBC
US-India Business Council (USIBC) has said that Non-tariff barriers and ‘red tape’ that slow market access should be dismantled with haste to boost India-US trade ties, as the two sides are holding initial negotiations for a trade deal. Commerce Minister Piyush Goyal is in Washington to hold the talks with his American counterpart Howard Lutnick and US Trade Representative Jamieson Greer . India and the US agreed to begin negotiations for a trade deal following talks between Prime Minister Narendra Modi and US President Donald Trump in Washington DC.
USIBC President Ambassador Atul Keshap has urged both sides to leverage the trade relationship for shared growth. He said that the meaningful trade facilitation through a sweeping bilateral trade deal is long overdue, and would be instrumental in boosting the GDPs of both America and India and bind two mighty economies closer together. It is expected that a major focus of the trade negotiations will be on tariff as stoked global concerns.
While talking about India-US business relationship and trade, he said that the US and Indian businesses have invested in each other's countries for years even without a formal investment or trade framework. He added that India represents only 2.5 percent of America's trade volumes, and that number can and should increase substantially. Keshap has emphasized that both sides should be working with focus to formalize a level playing field, full and open market access, swift dispute arbitration, and predictable tax and regulatory policies to boost investment, growth, and job creation in both countries.
