India`s exports to the United States are growing rapidly and the withdrawal of export incentives by the United States under the Generalized System of Preferences (GSP) has not affected domestic deliveries to the United States. India aims to exempt high tariffs imposed by the United States on certain steel and aluminum products, restore the export benefits of certain domestic products under the GSP, and improve market access for its products in sectors such as agriculture, automotive, automotive components and mechanical engineering. In the absence of pro-trade voices, the Modi government has increasingly turned to protectionist barriers and import substitution to stimulate local industry and manufacturing. Modi is also under pressure to offer employment opportunities to India`s growing population – two-thirds of Indians are under the age of 35. In 2019, U.S. trade in goods and services with India was $146.1 billion. Exports totaled $58.6 billion; Imports totaled $87.4 billion. The trade in goods and services with India was $28.8 billion in 2019. The interim trade agreement – which Lighthizer called a small agreement on Wednesday – was aimed at reviving India`s trade advantages over duty-free exports to the United States under the Generalized Preferences System (GSP), in exchange for better access by U.S. companies to certain Indian markets and some concessions. The EU is India`s largest trading partner, accounting for 11.1% of India`s total trade, on an equal footing with the United States and China (10.7%) ». We are confident that free trade agreements with the EU and the US will benefit India and that talks will resume,” said Gopal Krishna Agarwal, national spokesman for the Bharatiya Janata Party for Economic Affairs. “India is not opposed to trade agreements with other countries, although now, it seems, after the release of the RCEP, the popular idea is that we understand the need to remain integrated at the global and regional level,” Agarwal added.

Cornyn said he and Senator John Barrasso supported legislation that would speed up the approval process and increase LNG exports to countries. “Now they`re in voting mode in the U.S., so we`ll probably have an aggressive dialogue after the election. We are very keen to have free trade agreements with these countries, with the EU, with the UK… We are increasingly focusing on free trade agreements with industrialized countries,” he said.

Comments are closed.