India-US to engage regularly to resolve outstanding trade issues

India and the US Monday agreed to engage regularly at various level to resolve outstanding trade issues by exploring mutually beneficial suitable solutions, an official statement said.

"Both sides agreed to deepen economic cooperation and bilateral trade by ensuring greater cooperation amongst stakeholders, including Government, businesses and entrepreneurs," said a statement after meeting between visiting US Commerce Secretary Wilbur Ross and Commerce Minister Suresh Prabhu.

Ross is visiting India to attend the 11th Trade Winds Business Forum and Mission hosted by the US Department of Commerce.

Without giving details, the statement said the both sides also discussed various "outstanding trade issues" and agreed to engage regularly at various levels to resolve them by exploring "suitable solutions, which are mutually beneficial and promote economic development and prosperity in both countries".

Both the countries are locked in a tariff dispute with the US deciding to end preferential trade treatment to Indian exports, while New Delhi proposing to impose retaliatory duties on American goods.

According to the statement, both sides expressed satisfaction over the progress made during the year 2018, with bilateral trade in goods and services registering a 12.6 per cent rise to USD 142 billion, compared to USD 126 billion in 2017.

The two countries also complimented the new bilateral private sector led Small Business Interaction initiative, the US-India SME Forum, held today. This is the first event of its kind and it will pave the way for collaboration and partnership between the US and Indian small and medium enterprises (SMEs) in the areas of manufacturing and services, the statement said.