Goyal, Ross discuss ways to boost trade, economic ties

Commerce and Industry Minister Piyush Goyal and US Secretary for Commerce Wilbur Ross on Thursday held discussions to increase bilateral trade between the countries.

"Had a fruitful discussion with the US Secretary of Commerce @SecretaryRoss to further boost our strong trade relations and close economic partnership between the two nations," Goyal said in a tweet.

The meeting assumes significance as India and the US are negotiating a bilateral trade deal to boost two-way commerce.

Recently, Goyal and US Trade Representative Robert Lighthizer held trade deal talks in Washington.

US President Donald Trump on September 24 said that his country will soon have a trade deal with India to boost economic ties.

India is demanding exemption from high duties imposed by the US on certain steel and aluminium products, resumption of export benefits to certain domestic products under its Generalised System of Preferences (GSP), greater market access for its products from sectors including agriculture, automobile, auto components and engineering.

On the other hand, the US wants greater market access for its farm and manufacturing products, dairy items and medical devices, and cut on import duties on some ICT (information and communications technology) products. The US has also raised concerns over high trade deficit with India.

In 2018-19, India's exports to the US stood at USD 52.4 billion, while imports were at USD 35.5 billion.

India's trade surplus with the US dipped from USD 21.3 billion in 2017-18 to USD 16.9 billion in 2018-19.