In order to resolve outstanding trade issues by exploring mutually beneficial suitable solutions, Commerce Minister Suresh Prabhu and US Commerce Secretary Wilbur Ross have agreed to engage regularly at various level. Both sides agreed to deepen economic cooperation and bilateral trade by ensuring greater cooperation amongst stakeholders, including Government, businesses and entrepreneurs. Both the countries are locked in a tariff dispute with the US deciding to end preferential trade treatment to Indian exports, while India proposing to impose retaliatory duties on American goods.
Meanwhile, the two countries also complimented the new bilateral private sector led Small Business Interaction initiative, the US-India SME Forum, held on May 6. This is the first event of its kind and it will pave the way for collaboration and partnership between the US and Indian small and medium enterprises (SMEs) in the areas of manufacturing and services.
Besides, both sides expressed satisfaction over the progress made during the year 2018, with bilateral trade in goods and services registering a 12.6 per cent rise to $142 billion, compared to $126 billion in 2017.