US expresses concern over trade deficit with India


Team Udayavani, Sep 13, 2019, 3:42 PM IST

New Delhi: The US on Friday expressed concern over the trade deficit with India and the challenges being faced by American companies to invest here.

Addressing the Indo-US Economic Summit here, US Minister Counselor for Commercial Affairs Aileen Nandi however hoped to explore possibilities at the US-India Business CEO Forum to strike a trade balance between the two countries.

As per the Indian government data, India’s exports to the US during 2018-19 were worth about USD 52.4 billion while imports bill stood at USD 35.55 billion.

The US trade deficit with India during 2018-19 stood at USD 16.85 billion, lower than USD 21.26 billion in the preceding year, the data showed.

“Bilateral trade relationship with India is broad and complex. The trade between the two countries has increased every year in the recent past. …However, we are concerned about the trade deficit that we have with India,” Nandi said.

The two-way trade between the US and India stood at USD 142 billion during 2018. During January-July 2019, the bilateral trade has increased 10.5 per cent over the last year period, she added.

Nandi also noted that the US was aware of the challenges that American companies continue to face in India.

She, however, observed that with Indo-US Business CEO Forum, having its interface regularly, the issues of mutual concerns relating to Indo-US trade would get resolved and investments from India to the US and vice-versa would apportion.

Nandi, in a statement later said, since the political relationship between India and the US has begun to grow and diversify with conciliatory mode and big ticket Indian businessmen aggressively making their investments in the US, the two-way trade would flourish in a manner that would address the concern of increasing trade deficit of the US towards India.

Asserting that there is scope to further boost trade with the US, Indo-American Chamber of Commerce National President S K Sarkar said the target is to achieve a bilateral trade of USD 500 billion by 2022.

Agriculture, defence, food processing and host of similar sectors assume large possibilities through which India and the US could come closer and cement their ties for enhanced trade and economic cooperation between the two countries, he said.

“We lag a little in export market as we are not part of the global supply chain. We need to understand the technological advances that are taking place all over the world and we could easily become economic leaders in the world,” Sarkar said.

In services sector, he said India has a positive balance with the US. The granting of Strategic Trade Authorisation-1 (STA-1) status to India puts India at an elevated level, he added.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Balasore tragedy result of composite negligence of railway officials: Orissa High Court

Actress Kasthuri stokes controversy by her remarks on Telugu-speaking people in TN

Three convicted for 2016 Kollam collectorate blast case

Expect Canadian government to ensure justice, uphold rule of law: PM Modi

Lone tusker spotted on NH-166 near Karkala, disrupts traffic

Lokayukta police summon Karnataka CM Siddaramaiah for questioning in MUDA case on Wednesday

Not ‘kaun banega mukhyamantri’ contest; MVA to name CM pick after polls: Jairam Ramesh

Related Articles More

SEBI mulls separation of non-regulated activities; ‘cross-default’ definition for debenture trustees

Sensex plunges 942 points to settle at nearly 3-month low; RIL, HDFC Bank biggest drag

Equity investors become poorer by Rs 7.37 lakh crore during morning trade as markets tumble

Maruti Suzuki looks to cash in on ‘few lakh marriages’ in Nov to carry festive sales momentum

Mcap of 6 of top-10 most valued firms jump Rs 1 lakh cr; State Bank, ICICI Bank top gainers

MUST WATCH

Gho Pooja in Deepavali Festival

Melukote Deepavali

Ganapathi Co-operative Society Ltd

Udayavani Chinnara Banna 2024

Annapoorna Aahar | Food Places In Mysore


Latest Additions

Balasore tragedy result of composite negligence of railway officials: Orissa High Court

Actress Kasthuri stokes controversy by her remarks on Telugu-speaking people in TN

Three convicted for 2016 Kollam collectorate blast case

Expect Canadian government to ensure justice, uphold rule of law: PM Modi

Group clash in Indore after argument over bursting firecrackers: NSA slapped against 2 accused

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.