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Last Updated : Sep 16, 2019 08:13 PM IST | Source: Moneycontrol.com

India, US working towards early resolution of trade issues: Piyush Goyal

"We have an open mind and with an open mind, we are looking at several sectors," Goyal said.

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Days before Prime Minister Narendra Modi is set to meet with US President Donald Trump at Houston on September 22, Commerce and Industry Minister Piyush Goyal said that India and the US are in continuous dialogue and working towards early resolution of trade related issues.

"We are in dialogue with the US on a number of issues and as we firm up the specifics, we will inform you once the Prime Minister (Narendra Modi) and the US President Trump sit down and finalise…We have an open mind and with an open mind, we are looking at several sectors," Goyal said.

On being asked whether the two countries are looking to sign any deal during Modi and Trump meeting, Goyal said: "We are in continuous dialogue for past several months with the US and we are working towards and early resolution of many of those issues. Whether a deal will be announced or not that is up to the Prime Minister and the President to decide."

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Modi will visit the US between September 21 and 27, during which he will address the annual UN General Assembly session and have a series of bilateral and multilateral engagements in New York. Both the countries are negotiating a trade package by looking to iron out issues.

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

On the other hand, the US is demanding greater market access through cut in import duties for its agriculture goods, dairy products, medical devices, IT and communication items. India’s exports to the US in 2018-19 stood at $52.4 billion, while imports were $35.5 billion. The trade balance is in favour of India and the US is pitching to reduce the trade deficit.

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First Published on Sep 16, 2019 08:09 pm
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