: Stressing the need for India to lower trade barriers and cut tariffs, US Consul General in Hyderabad Katherine Hadda has said there are high tariffs in India with over 13 per cent as compared to America's average tariff rate of 3.4 per cent.
"The United States has one of the lowest tariff rates in the world. We have applied tariff rates of 3.4 per cent and India's is 13.4 per cent. Over one half of tariff line items imported into our country are duty-free whereas less than 3 per cent of the goods coming into India qualify for duty-free status," she said.
"So, we wish for reciprocity with India just as we do with all trading partners... and as an economist I have to say that helps both economies," Hadda said.
Speaking at the 242nd American Independence Day celebrations organised by Indo-American Chamber of Commerce (Andhra Pradesh and Telangana Chapter) here last night, Hadda said, "we know we can count on support of chambers such as this to help us."
Over the past decade both India and the US have made substantial progress in improving partnership, she said adding "our (bilateral) trade ties in goods and services, reached more than USD 126 billion last year and that's a three-fold increase since 12 years ago."
The consul general further said, on July 6, the United States and India will hold its inaugural 2+2 dialogue in Washington, where the US Secretaries of State and Defence and the Indian External Affairs and Defence Ministers will meet to discuss how both the countries can continue to strengthen "our strategic and security ties."
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