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India and U.S. resolve to work through their trade differences
Why is it in news?
- India and the U.S. resolved to work through their differences which have led to an impasse on trade issues.
- External Affairs Minister S. Jaishankar hosted U.S. Secretary of State Mike Pompeo in Delhi ahead of a meeting between Prime Minister Narendra Modi and U.S. President Donald Trump in Osaka.
More in news
- No clear positive outcome:(1) Neither side announced any positive outcomes from the discussions.(2) Both have talked about issues, including tariffs and counter-tariffs imposed by New Delhi and Washington on each other in the past year.(3) Both also discussed U.S.’s specific concerns with India’s proposed laws on e-commerce and data localisation, on price caps and market access.
- U.S stand: The U.S. is clear that it seeks greater market access and the removal of trade barriers in our economic relationship.
- No discussion on GSP preferential trade status: He clarified that the U.S. decision to withdraw India’s GSP preferential trade status this month had not come up for discussion.
- Better understanding: Both sides had come away with a “better understanding” of each other’s concerns on a wide variety of issues besides trade, including energy, defence, investment concerns and people-to-people contacts, as well as the growing conflict in the Gulf with Iran and the peace process in Afghanistan.
- India’s stand on purchase of S-400: India conveyed U.S that it will take its decision on the purchase of the Russian S-400 Triumf anti-missile system in its own “national interest”.
Source
The Hindu