India: US keen on closer trade ties

The US said in the first week of February that it is keen to enhance trade dialogue with India both at the bilateral and multilateral levels. The visiting US deputy secretary of treasury, Kenneth Dam,…

The US said in the first week of February that it is keen to enhance trade dialogue with India both at the bilateral and multilateral levels. The visiting US deputy secretary of treasury, Kenneth Dam, indicated this when he called on the union minister of commerce and industry, Murasoli Maran. The discussions centred on issues of bilateral interest with a view to promoting robust growth in Indo-US trade and business relations. Dam stressed in particular the US interest to promote closer co-operation with India in WTO negotiations, post-Doha in view of the convergence of concerns in many areas between the two countries. Emphasising the need for better market access, Maran urged that market access concessions in textiles given recently by the US to some other trading partners be extended to India and also pointed out that reduction in peak tariffs and tariff escalations would be in the interest of both the developed and the developing countries. On the issue of soda ash, the Indian side informed that the ANSAC petition before MRTPC for vacation of interim injunction and termination of proceedings based on restructuring of ANSAC operations in respect of their exports to India had been adjourned to February 13-14. The US is currently India“s largest trading partner and leading export destination. The trend of India“s exports to the US had turned positive after a negative trend for some months, with India“s exports to the US in November 2001 estimated at US$ 739.27 million as per US customs figure.