India a valuable partner for US despite public spats on a few issues: USIBC
While India and US ruled out a mini trade deal or a free trade agreement (FTA) in near future, Commerce Minister Piyush Goyal said they are thinking big when it comes to trade relations. CNBC TV18 spoke to Atul Keshap, President of USIBC (US-India Business Circle), who was enthused by the fact that both nations are looking at 'friend-shoring' as a way to strengthen the partnership.
Union Minister of Commerce and Industry Piyush Goyal and his American counterpart Trade Representative Katherine Tai concluded the two-day US-India Trade Policy Forum (TPF) on Wednesday, January 13, in Washington D.C. Both countries ruled out a mini trade deal or a free trade agreement (FTA) in the near future. However, Goyal said India and US are thinking big when it comes to their trade relationship. The two countries launched a new TPF Working Group on Resilient Trade, which enables officials to deepen bilateral dialogues and enhance their trade relationship's resilience and sustainability to withstand current and future global challenges, according to a joint statement.
Speaking to CNBC-TV18, Atul Keshap, President of USIBC (US-India Business Circle), acknowledged that both countries are layered and pluralistic, and expressed the hope that trade deals between the two nations will be completed soon.
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Keshap acknowledged that there are various low-hanging issues that need to be addressed, such as emerging technologies and supply chain issues. He believes that addressing these issues will pave the way for further trade deals between the two nations.
Despite public disagreements, Keshap emphasised that India remains a valuable partner for the US. He noted that there is a lot of work being done privately to strengthen the relationship between the two countries, and expressed his happiness that both nations are looking at "friend-shoring" as a way to strengthen the partnership.
Keshap also highlighted that both countries are looking to bring capital and supply chains to India, with the United States seeking a level playing field and the opportunity to bring its high level of tech and business knowhow to the country. He emphasised that the United States sees business as a service to India's growth, and that a level playing field, ease of doing business, and transparency are top priorities for the US.
In conclusion, Keshap emphasised that the United States and India have a strong relationship and that addressing the low-hanging issues would pave the way for further trade deals and cooperation between the two nations. He also emphasised that the United States sees India as a valuable partner and is committed to working with the country to promote growth and prosperity.
Also Read: India rules out FTA with US for now — Here are other highlights from the trade ministers’ meeting
(Edited by : Shoma Bhattacharjee)
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