Close X
Tuesday, November 26, 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

    Self-Driving Cars Can Be Game-changer For Older Adults

    Self-Driving Cars Can Be Game-changer For Older Adults
    Self-driving cars can be a potential game-changer for older adults aged above 60 and can help in minimising the risk of accidents, say researchers.

    Self-Driving Cars Can Be Game-changer For Older Adults

    Indian-Origin Banker Jailed 13 Years For Cheating Clients Of $10 Millions

    An Indian-origin banker has been sentenced to 13 years in jail in Singapore after he pleaded guilty to 20 forgery and cheating-related charges, and another 30 charges under the Computer Misuse Act for $10 million.

    Indian-Origin Banker Jailed 13 Years For Cheating Clients Of $10 Millions

    Kerala Woman Wins Over USD 3 Mn In UAE Raffle, Says Would Use It For Charity

    Sopna Nair, who hails from Kollam in Kerala, won the money in the Wednesday raffle.    

    Kerala Woman Wins Over USD 3 Mn In UAE Raffle, Says Would Use It For Charity

    Sikhs Have To Wear Helmets On Motorbikes, Orders German Court

    Sikhs Have To Wear Helmets On Motorbikes, Orders German Court
    Motorcyclists must wear a helmet and cannot be exempted from the rule on religious grounds, one of Germany’s top five courts has ruled.    

    Sikhs Have To Wear Helmets On Motorbikes, Orders German Court

    Indian Consulate Organises Cultural Fest In Germany's Cologne

    The fest was organised at one of the centrally located Platz in Cologne, Neumarkt which saw footfall from tourists as well who were drawn in huge numbers to the Indian music and food stalls.

    Indian Consulate Organises Cultural Fest In Germany's Cologne

    US-Based Techie Dies During Adventure Biking In Hyderabad

    A US-based software engineer from Hyderabad was killed after a four-wheeled All Terrain Vehicle (ATV) he was riding overturned at a resort in Telangana's Vikarabad district, police said on Wednesday.

    US-Based Techie Dies During Adventure Biking In Hyderabad