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India accounts for 40 percent of US generic drug imports, including the anti-malarial hydroxychloroquine, touted by US President Donald Trump in the fight against the coronavirus.
The meeting also assumes significance as both the countries are negotiating a bilateral trade deal to boost two-way commerce.
US Commerce Secretary Wilbur Ross and US Treasury Secretary Steven Mnuchin said in several television interviews that they expected to finalize agreements with those allies in 2020.
U.S. Commerce Secretary Wilbur Ross spoke at a business forum, part of the annual leaders' summit of the Association of Southeast Asian Nations.
The meeting assumes significance as India and the US are negotiating a bilateral trade deal to boost two-way commerce.
Speaking at an annual department conference in Washington, Ross affirmed that the company would remain on the Entity List, meaning that licenses would likely be denied, but also offered an opening for some to be approved.
"Continuing the ongoing process of discussions and talks, USTR officials are expected to come down next week to take forward the talks held last week," a senior government official told Moneycontrol.
Although there was no doubt about the implication of higher tariffs, new research has once again made it clear that no country stands to gain from trade wars.
Trump’s biggest objection is the growing trade imbalance. India enjoys a trade surplus with the US, which he wants reversed
US had notified in March that India did not qualify for the Generalized System of Preferences benefits under their updated eligibility criteria.
Although India has said the withdrawal of GSP benefits by the US will not impact domestic exporters, local industry has demanded for continuation of the incentives.
Issues such as withdrawal of GSP benefits by Washington are expected to come up for the discussion.
"US Ambassador to India Kenneth Juster will lead the discussions for the India US CEO Forum and commercial dialogue," it said in a statement.
India became the only South Asian nation to get designated as a Strategic Trade Authorisation-1 (STA-1) country by the US earlier this week. The granting of STA-1 status to India comes after the US recognised it as a "Major Defence Partner" in 2016.
"Think about it, we have unilaterally given away all kinds of concessions ever since the end of World War II. And in the beginning that was probably good policy to rebuild Europe and rebuild Asia after the ravages of the war," Ross told ABC News.
Millions of documents of recently leaked documents reportedly show that Ross did not disclose an interest in a shipping company called Navigator Holdings, a company that has a business relationship with SIBUR.
It was also revealed that Canadian Prime Minister Justin Trudeau's top fundraiser and senior advisor Stephen Bronfman, heir to the Seagram fortune, moved some USD 60 million to offshore tax havens with ex-senator Leo Kolber.
The US tycoon regularly bashed China during last year's presidential election campaign, accusing it of unfair trade practices, stealing US jobs and threatening to label it a currency manipulator.
Commerce Secretary Wilbur Ross and Treasury Secretary Steven Mnuchin had opened the talks between the world's top two economies with tough demands for a more "fair, equitable and reciprocal" relationship, with more access for American- made goods and services.
The GDP target "is certainly not achievable this year," Ross told Reuters in an interview. "The Congress has been slow-walking everything. We don't even have half the people in place."
During the meeting here -- the first cabinet-level interaction between the two countries under the Trump administration -- Ross is believed to have said that US has started the process of reviewing H1B visas issues and no decision has been taken on it yet, sources said.
Japan wants to keep the bilateral dialogue, to be led by Vice President Mike Pence and Deputy Prime Minister Taro Aso and starting next Tuesday, focused on economic policy, energy, infrastructure investment, and the rules of trade.
President Donald Trump has threatened to impose unilateral tariffs on goods imported from Mexico and China, criticized Germany for its surplus, pulled out the 12-nation Trans-Pacific Partnership, and pledged to renegotiate the North American Free Trade Agreement.
"ArcelorMittal's Board of Directors has taken note of Wilbur Ross' resignation from the Board as a consequence of his confirmation as US Secretary of Commerce. The Board congratulates Ross on his new role," the company said in a statement.
US President-elect Donald Trump today roped in Regan-era official and fierce China critic Robert Lighthizer as his trade ambassador who will be in charge of negotiating deals and engaging in trade relationships with other countries.
