Commerce minister’s US trip focuses on bilateral trade ties

To take forward the robust commercial ties and to resolve outstanding bilateral trade issues, a delegation led by Union Minister of Commerce and Industry, Suresh Prabhu, visited the USA on June 10-12

June 13, 2018

During the visit, Mr Prabhu held a series of discussions with key officials including the USA Trade Representative, Robert E Lighthizer, Secretary of Commerce, Wilbur L Ross, and Secretary of Agriculture, Sonny Perdue

Discussions centered around bilateral trade and commercial relations between the two countries and focused on finding the way forward to address concerns of both sides so as to result in a win-win situation

During the visit, MR Prabhu also interacted with the business community and addressed industry leaders in meetings organized by the US-India Business Council (USIBC) and US-India Strategic Partnership Forum (USISPF)

Trade volumes have improved through purchases of the USA-made civilian aircrafts by Indian companies and enhanced cooperation in energy, including procurement of petroleum and Liquefied natural gas (LNG) from the USA

Indian Minister of Commerce and Industry, Suresh Prabhu, visited the USA over June 10-12 to take forward bilateral commercial ties as well as to resolve outstanding trade issues. During the visit, the Indian delegation led by Mr Prabhu held a series of discussions with key officials including the USA Trade Representative, Robert E Lighthizer, Secretary of Commerce, Wilbur L Ross, and Secretary of Agriculture, Sonny Perdue. The Minister also had a joint meeting with the India Caucus Co-chairs, Senator Mark Robert Warner and Senator John Cornyn. Discussions centered around bilateral trade and commercial relations between the two countries and focused on finding the way forward to address concerns of both sides so as to result in a win-win situation.

During the visit, MR Prabhu also interacted with the business community and addressed industry leaders in meetings organized by the US-India Business Council (USIBC) and US-India Strategic Partnership Forum (USISPF). The Minister informed industry leaders about the aggressive economic reforms undertaken by the Indian Government such as the Goods and Service Tax (GST), Make in India, Startup India, Digital India, Skill India and Fund of Funds for Startups (FFS). India has also undertaken initiatives to boost e-commerce, while promoting innovation and entrepreneurship. The efforts have helped improve India improve its ranking in the World Bank’s “Ease of Doing Business’ index by 30 positions to the top 100 club, thus attracting more foreign investors.

At the discussion sessions, Mr Prabhu noted the encouraging growth in trade volumes through purchases of the USA-made civilian aircrafts by Indian companies and enhanced cooperation in the area of energy, including procurement of petroleum and Liquefied natural gas (LNG) by India from the USA. The Indian delegation also pointed out that India’s rapid economic growth will create significant new market opportunities in these and other areas and added that these purchases have already led to reduction in bilateral trade deficit in 2017. Future sales will sustain this trend and create a balanced trade relationship between the two countries. Bilateral trade between the countries was recorded at US$74.5 million during the financial year 2017-18.

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