Commerce and Industry Minister Piyush Goyal has said that India is in continuous dialogue for past several months with the US and they are working towards early resolution of trade related issues. He also said both the countries are negotiating a trade package by ironing out trade issues with an aim to promote the two-way commerce.
Goyal has noted that India is pressing for exemption from high duty imposed by the US on certain steel and aluminium products, resumption of export benefits to some domestic goods under their Generalised System of Preferences (GSP) as well as greater market access for its products from sectors such as agriculture, automobile, auto components and engineering. On the other hand, he said the US is demanding greater market access through cut in import duties for its agriculture goods, dairy products, medical devices, IT and communication items.
Talking about the Regional Comprehensive Economic Partnership (RCEP), a proposed free trade agreement, the minister said India has decided to conduct a meeting through video conference with rest of the 15 members on certain issues. He also said “we have put forward certain proposals. If there is any surge in import of any product, we can take quick remedial measures and the interest of domestic industry is protected.” He added that this proposal assumes importance as India has registered trade deficit in 2018-19 with as many as 11 RCEP member countries - including China, South Korea and Australia - out of the grouping of 16 nations that are negotiating a mega trade pact since November 2012.