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Talks on between India, US for 'new and better' trade deals: officials

Press Trust of India  |  Washington 

Negotiations for "new and better" trade deals between the US and that meet the needs of both the countries are at the beginning stages, senior officials have said.

and the US last week held their maiden 2+2 Dialogue in during which a long-negotiated defence pact under which critical and will be provided to the by the US was inked.

According to the of State for South and Alice Wells, primarily being a strategic dialogue, trade related issues were also discussed.

"A number of administration officials just recently came back from They expressed their willingness to negotiate new and better trade deals, and those conversations are at the beginning stages," told reporters at her daily conference.

The conversation between the two countries was how can they grow their trade relationship in a fair and reciprocal manner, Wells told reporters during a separate conference call.

Tariffs and non-tariff barriers, she said, have been the subject of long-standing concern. But we're working with the government of India to address these market access challenge issues.

"We have a variety of ongoing high-level discussions that are taking up these issues. Specifically, what I heard out of the 2+2 is a commitment by our leadership to the importance of resolving this and coming out as a fair agreement that meets the needs of both the US and India, the private sector as well as people," Wells said.

Responding to a question, she said that "there wasn't specific conversation" on aluminum and during the 2+2 Dialogue.

There is acknowledgement that the US is India's best trading partner. The US is certainly India's top markets for exports. Bilateral trade expanded USD 12 billion in 2017 and now totals USD 126 billion and two-way investment expanded almost USD 57 billion, Wells said.

"Tariffs and non-tariff barriers have been the subject of long standing concern. But we're working with the government of India to address these market access challenge issues.

"We have a variety of ongoing high-level discussions that are taking up these issues. Specifically, what I heard out of the 2+2 is a commitment by our leadership to the importance of resolving this (issue) and coming out as a fair agreement that meets the needs of both the US and India, the private sector as well as people," Wells added.

Meanwhile, former S Jaishankar, who is now part of the Tata Group, met Pete Sessions to discuss ways to strengthen relationship with India.

"Specifically, we discussed how our two countries can partner together to advance our commercial and strategic partnership, strengthen the bonds that unite our two countries, and create economic opportunity for American workers in the United States," Sessions said.

"Currently, India is our 9th largest trading partner but it is my hope that our bilateral trade continues to grow," he added.

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

First Published: Tue, September 11 2018. 14:45 IST
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