Close X
Thursday, October 31, 2024
ADVT 
International

US 'Working Hard' With India To Help Grow Its Economy: Mike Pompeo

Darpan News Desk IANS, 31 Jul, 2019 07:30 PM

    The US is "working hard" with the Indian government to provide the country with opportunities to grow its economy as part of the Trump administration's Indo-Pacific strategy, Secretary of State Mike Pompeo has said.


    Trade tensions between India and the US have been rising with President Donald Trump complaining that tariffs imposed by New Delhi on American products were "no longer acceptable".


    In June, the US terminated India's designation as beneficiary developing country under the Generalised System of Preferences (GSP) programme.


    India imposed retaliatory tariffs on 28 US products including almonds and apples from June 5, after the Trump administration revoked its preferential trade privileges.


    The GSP is the largest and oldest US trade preference programme and is designed to promote economic development by allowing duty-free entry for thousands of products from designated beneficiary countries.


    Mr Pompeo's remarks came weeks after a team led by Assistant US Trade Representative (AUSTR) for South and Central Asia, Christopher Wilson, held talks with senior Indian officials in New Delhi this month on a wide range of bilateral trade issues, in particular on tax and tariffs.


    "Our Indo-Pacific strategy is well on its way to bearing fruit for not only them but for the United States, and we have watched these coalitions build out. We''re working hard with the Indian government to provide them with opportunities to grow their economy as well," Mr Pompeo told reporters accompanying him on a tour to the Indo-Pacific region.


    The US is also seeking greater market access for its dairy products and cut in customs duties in information and communications technology products. The American companies have also raised concerns over price cap on certain medical devices by India.


    Stating that the US has taken a unilateral position in rolling back export incentives from India, the Indian government has asserted that it would not allow trade negotiations to overtake issues of national interest.


    Meanwhile, India's Ambassador to the US, Harsh Vardhan Shringla said that trade between the two countries has grown to USD 142 billion in 2018, and is expected to reach USD 238 billion by 2025.


    The next stage of growth will be driven by the small and medium-sized enterprises (SME) in both the countries, he said in Colorado.


    Specifically, the growth of SMEs in the digital marketplace present an ideal opportunity for increased India-US cooperation, he added.

     

    MORE International ARTICLES

    Left Unattended, Pakistan's 'Heaviest' Man Noorul Hassan Dies In Lahore Hospital

    Pakistan's heaviest man, who weighed over 330 kg and recently underwent a successful liposuction surgery, died after he was left unattended due to a commotion in the intensive care unit.  

    Left Unattended, Pakistan's 'Heaviest' Man Noorul Hassan Dies In Lahore Hospital

    Trump Son-In-Law Among Key Leaders To Address India-Focused Meet In US

    The move comes close on the heels of the meeting between Prime Minister Narendra Modi and Donald Trump in Japan last month.  

    Trump Son-In-Law Among Key Leaders To Address India-Focused Meet In US

    Swraj Paul Donates Million Pounds For London Zoo Reserve In Son Angad Paul's Memory

    Leading British Indian entrepreneur and parliamentarian Lord Swraj Paul has announced 1 million pounds donation to the London Zoo for a major new project that will lead to creation of the Angad Paul African Reserve in memory of his late son.

    Swraj Paul Donates Million Pounds For London Zoo Reserve In Son Angad Paul's Memory

    India-Origin Democratic Senator Kamala Harris Raises Usd 23 Million

    California’s powerful India-origin Democratic Senator Kamala Harris has raised more than USD 23 million since she announced her presidential bid in January.

    India-Origin Democratic Senator Kamala Harris Raises Usd 23 Million

    Top Indian-Origin Woman Police Officer Parm Sandhu Sues Scotland Yard Over Racism

    Parm Sandhu, currently serving as Temporary Chief Superintendent with the Metropolitan Police, claims she was denied promotions and opportunities at work due to her race and gender.

    Top Indian-Origin Woman Police Officer Parm Sandhu Sues Scotland Yard Over Racism

    92-Hour English Recording Of Full Guru Granth Sahib Released

    92-Hour English Recording Of Full Guru Granth Sahib Released
    Devotees can access online the first-ever English audio recording of the entire Sri Guru Granth Sahib, the holy book of Sikhism. The 92-hour long recording has been launched by US-based religious non-profit Sikh Dharma International 

    92-Hour English Recording Of Full Guru Granth Sahib Released