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11 JULY 2020 AL CIRCLE

US-India trade deal: Piyush Goyal to meet Wilbur Ross on July 14th, India stands on its demand from exemption of extra duty on Aluminium

EDITED BY : RUPANKAR MAJUMDER 2MINS READ

India and the US are expected hold a meeting on 14th July’20 to strengthen bilateral trade, with commerce and industry minister Piyush Goyal and US commerce secretary Wilbur Ross arranged to join in for discussions through a video conference, as per our sources.

US-India to hold bilateral talks next week

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The limited trade deal between the two nations has been in the works for a few months now, as per our reports earlier, is dubious at this moment as both the states are fighting against COVID-19 epidemic.

The bilateral trade discussion is coming up at a very vital time when India is solidifying a thorough strategy to target non-essential and sub-standards imports, explicitly from China.

The India-US CEOs Forum is also expected to hold a meet on 14th July’20 to further boost their engagement.

There has been no official announcement of the bilateral meet as of yet, however, in our previous report, Piyush Goyal stated that he is expected to meet his American counterpart in the mid of July’20.

US-India to hold talks on bilateral trade next week

The meeting also comes at a stage when the US is launching a probe against India and nine others; including the EU and the UK, for imposing or considering a 2% digital services tax with potential to hurt American companies.

The US has been impressing on India to reduce its “high” tariffs on a range of products, including high-end mobiles phones and bikes. It’s seeking greater and easier access to the Indian markets in agriculture, dairy, medical equipment, among others.

India is pitching hard for an exemption from the extra duty imposed by the US on aluminium, resumption of duty-free export benefits for some Indian goods under the so-called Generalised System of Preferences (GSP) as well as greater market access for its products in sectors ranging from agriculture, automobile and auto components to engineering.

Report on energy consumption in aluminium smelting and changing technologies towards gas emission

India’s exports to the US, its largest market, touched $52.4 billion in 2018-19, while imports were to the tune of $35.5 billion.


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EDITED BY : RUPANKAR MAJUMDER 2MINS READ

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