US Commerce Secretary Howard Lutnick said on June 3 that a trade deal between America and India could be cards in the 'not-too-distant future' and both nations have 'found a place that really works for both countries', while speaking a leadership summit organised by the US-India Strategic Partnership Forum, even as he raised the issue of protectionist tariffs once again.
"You should expect a deal between the United States and India in the not-too-distant future, because I think we have found a place that really works for both countries," Commerce Secretary Howard Lutnick said, while adding that earlier countries (striking a trade agreement) get a 'better deal'.
A delegation from America is currently in India to discuss issues related to the trade deal between the two nations.
"India is trying to be one of the earlier countries to do the trade deal, which I appreciate," Lutnick added.
Lutnick also talked about the fact that both President Trump and Prime Minister Modi are elected representatives of their respective nations. "If you think about the world, how many leaders are elected by their countries - very, very rare. So, that connection is pretty unique. And that gives an easy path to me to trade negotiations because we start from a very positive place."
"India has very protectionist tariffs. I think the idea of looking at them and bringing them down to a level that is reasonable and appropriate, so we can be great trading partners with each other I think is absolutely on the table. It's not stressful. Let's make this into a proper trading relationship."
"I would like reasonable market access for our businesses to the markets of India. Its not going to be everything and everywhere, but we want the trade deficit reduced. Now, India is going to want certain special access to the American marketplace, so that's the tradeoff. I will treat you incredibly kindly on thinks that are important to you and you bring down your tariffs and give us market access, and lets find proper place in the middle," said Lutnick, adding that he is 'very optimistic' on the trade deal.
Secretary Lutnick also invited Indian businesses to make in America. "The US wants to bring advanced manufacturing back to the United States of America. That’s a key industrial platform for us to bring back domestic manufacturing and reshoring in America. So now, there are an enormous number of product categories that we are going to be delighted for India to produce," said Lutnick.
The US Commerce Secretary talked about the common grounds between both nations and acknowledged the immense success that people of Indian origin have been able to generate on American soil. "Those of Indian nationality run so many of the great companies of America because they’re fantastic entrepreneurs, fantastic businesspeople - smart, thoughtful, and educated in every way," said Lutnick.
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