Targets Set By PM Modi Hard To Achieve: U.S. Trade Representative
Highlighting the depth of trade relations between India and the United States, the United States Trade Representative Michael Froman said on Thursday that the two countries need to further bolster trade and investment in a mutually beneficial way.
One of the key architects of India-U.S. trade relationship in the Obama administration, Froman pointed out that India's $30 billion trade surplus with the United States is the highest with any country, while addressing students at the University of Chicago Centre in Delhi.
Linking the growth in bilateral trade between the two countries to reforms and economic liberalisation, he said that as India opens up to further trade and investment in retail, financial services and the digital marketplace, the relationship will expand further. He praised India's reform agenda under the Narendra Modi government and said it has not been an easy one so far.
There have been a number of important reforms - the Goods and Services Tax Bill, the Bankruptcy Law, the creation of commercial courts, the issuance of a national IP strategy, the opening of certain sectors to investment – that are important and help contribute to a better business environment.Michael Froman, United States Trade Representative
Noting that India's rankings in the global competitiveness index has risen significantly, he said work on improving the business environment should continue.
Froman said India had been successful in increasing its growth rate, and is now one of the fastest growing economies in the world. The U.S. has a direct interest in India's aim to achieve economic growth,” he added.
The Trade Policy Forum is the premier bilateral forum for discussion and resolution of trade and investment issues between the two countries.
It has five focus groups: agriculture, investment, innovation and creativity (intellectual property rights), services, and tariff and non-tariff barriers.
The bilateral trade between the countries stood at $109 billion in 2015-16.
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