India and the United States agreed to hold official talks soon to address trade and economic irritation between the two nations, Trade Minister Suresh Prabhu said on Tuesday.
This decision was taken during a series of meetings that Prabhu had with US Secretary of Commerce Wilbur Ross and US Trade Representative (USTR) Robert Lighthizer in Washington during the visit of the Indian Minister from 10 to June 12.
“Now we will work together to expand bilateral trade,” Prabhu told reporters in Washington.
He said that India would send an official team to work on the details and begin comprehensive negotiations on all matters related to bilateral trade and the economic relationship.
“The team will come in the next few days,” he said.
In March, the president of the United States, Donald Trump, imposed import tariffs of 25 percent on steel and 10 percent on aluminum, displaying the prospect of a global trade war. China retaliated in April, imposing tariffs of up to 25 percent on 128 US products.
India has sought an exemption from US tariffs. UU In the same line that the United States has allowed the European Union, Argentina, Australia, Brazil, Canada, Mexico and South Korea.
Prabhu had previously said that India would bilaterally address the issue of recent measures of trade protectionism with the United States.
According to a statement from the Ministry of Commerce of India, Prabhu also met with the Secretary of Agriculture of the United States, Sonny Perdue, and also had a joint meeting with the Co-Chair of the Indian Caucus, Senator Mark Robert Warner and the Senator John Cornyn.
During his visit, Prabhu also addressed business and industry leaders at meetings organized by the Business Council of the United States and India (USIBC) and the Strategic Partnership Forum between the United States and India (USISPF) and He met with other interested parties.
“It’s a great time to join hands with each other and that is the realization within the administration (of the US). As you know, we always hear about trade disputes between the US and India, but when I had a meeting with the USTR, the Secretary of Commerce, the Secretary of Agriculture, the Senators, it is very clear that we must move forward, keeping the problems behind, “Prabhu told industry leaders at a reception organized by USIBC.
“All major associations have areas of agreement and disagreement, and I am hopeful that the US investment broker will only grow, and I am confident that we can close our gaps,” he said at the USISPF event.
In his interaction with industry leaders at an event organized by the USISPF, Prabhu spoke about the improvements that have been made in the commercial relationship, including the reduction of the trade deficit.
Industry meetings included senior officials from major US companies such as Boston Scientific, FedEx, Walmart, Abbott, UTC, Honeywell, PhRMA, MoneyGram, Lockheed Martin, Koch Industries, Amway, Uber and 21st Century Fox.
Earlier this week, at a press conference during the G7 summit in Quebec, the president of the United States accused India of charging a 100 percent tariff on some US products.
Trump also threatened to limit access to the US markets. UU And even cut commercial ties if US business partners did not cooperate.