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Goyal expected to visit US next week

Press Trust of India  |  New Delhi 

Commerce and Industry Minister Piyush Goyal is likely to visit the US next week amid ongoing talks for a trade package between the two countries, an official said.

The visit assumes significance as both the countries are negotiating a trade package to promote two-way commerce.

Trade issues started cropping up between the countries when the US imposed high customs duties on certain steel and aluminium products, which are affecting India's exports of these items to America.

The US had also rolled back export incentives for Indian exporters, under its Generalized System of Preferences (GSP) programme. India exports goods worth about USD 6 billion to America under the scheme.

US President Donald Trump has been asking India to reduce customs duties on American products further.

In retaliation, India imposed high customs duties on 28 US products, including almonds.

India is pressing for exemption from high duty imposed by the US on certain steel and aluminium products, resumption of export benefits to some domestic goods under their GSP as well as greater market access for its products from sectors such as agriculture, automobile, auto components and engineering.

On the other hand, the US wants greater market access for its dairy products and cut in customs duties in information and communications technology products. The American companies have also raised concerns over price cap on certain medical devices by India.

Goyal has recently stated that India and the US have resolved the broad contours of the proposed trade package and an announcement is expected soon.

India's exports to the US in 2018-19 stood at USD 52.4 billion, while imports were USD 35.5 billion. The trade balance is in favour of India.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, November 06 2019. 21:20 IST