India-US likely to seal a Trade Deal during Trump’s visit to IndiaFebruary 06, 2020 15:48
(Image source from: wionews.com)
India and the United States could be sealing a trade deal during the visit of President Donald Trump to India which has been scheduled to be in the last week of February as said by several sources.
The sources have also said that the agreement that has been proposed is being given the final touch by trade officials of both the countries of India and the United States.
The President Donald Trump is said to pay a two- day visit to India between the 23rd to 26th of February and the two nations of India and the United States are in the process of fine- tuning their schedule regarding the Trump’s visit to India, says the sources.
The main segment regarding the Trump’s visit to India will be taking place in Delhi which is the national capital and there seem to be chances of Trump paying a short visit and exploring any other city in India.
Earlier, last week India has been visited by a high- level logistics team from Washington who are said to be handling the foreign visits of Donald Trump. It has been said that they have paid a visit to India as a part of preparations for the Trump’s visit to India.
India is seeking exemption from the high duties that are being imposed by the United States on certain products which are made up of aluminium or steel as well as resumption of the benefits on tariffs on certain products under their Generalized System of Preferences.
The United States is also being asked by India in order to facilitate greater market access for the products of India in the United States in sectors such as agriculture, automobile, auto components and engineering.
The United States is also in need of greater market access for its farm and manufacturing products, dairy items and medical devices in India
The exports of India to the United States have stood at USD52.4 billion in the years 2018- 2019 where as the imports of India from the United States have stood at USD 35.5 billion. The trade deficit has experienced a dip from USD 21.3 billion in the years 2017- 18 to USD 16.9 billion in the years 2018- 19.
The FDI that has been received by India from the United States has increased from USD 2 billion in the years 2017- 18 to USD 3.13 billion in the years 2018- 19.
By Shrithika Kushangi