Friday, February 23rd, 2024

Indo-US business relations will further strengthen, both countries will end six trade disputes of WTO

Photo: PTI PM Narendra Modi and Joe Biden

Indo-US There will be more strength in business relations. In fact, India and the US have agreed to end six trade disputes in the World Trade Organization (WTO). Along with this, New Delhi will also remove retaliatory customs duties on 28 US products such as almonds, walnuts and apples. America gave this information by issuing an official statement. The statement came amid Prime Minister Narendra Modi’s state visit to the US at the invitation of US President Joe Biden and US First Lady Jill Biden.

Businessmen of both countries will benefit

In 2018, the US imposed import tariffs of 25 percent and 10 percent, respectively, on certain steel and aluminum products on national security grounds. In retaliation, India imposed customs duties on 28 US products including chickpeas, pulses, almonds, walnuts, apples, boric acid and diagnostic reagents in June 2019. According to a statement released on Thursday, US Trade Representative Catherine Tay announced today that the United States and the Republic of India have agreed to eliminate six outstanding disputes at the World Trade Organization. India also agreed to eliminate retaliatory customs duties in exchange for duties imposed on steel and aluminum under Article 232 of national security.” Tai said, “Today’s agreement to strengthen our economic and trade ties. Reflects the ongoing bilateral engagement over the last two years.” Of the six disputes the two countries have agreed to resolve at the WTO, three were initiated by India, while the same number were by the US. These include countervailing measures on hot-rolled carbon steel flat products, certain measures on solar cells and modules, measures on the renewable energy sector, export-related measures, certain measures on steel and aluminum products.

Bilateral trade will get a boost

Experts said the decision by India and the US to end trade disputes at the WTO will boost bilateral trade. he/she also said that both the countries should create a proper and robust mechanism to resolve trade related issues bilaterally so that they do not have to file complaints with the WTO. International trade expert Vishwajit Dhar said this is a positive announcement and will help boost bilateral trade between the two countries. Federation of Indian Export Organization (FIEO) Director General Ajay Sahay said that this will give a boost to India’s exports to the US. “We were eagerly waiting for this decision. This will increase India’s exports to America.

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