Washington/New Delhi, Jun. 23, (dpa-AFX/GNA) – The United States and India have agreed to terminate six outstanding trade disputes between them at the World Trade Organization (WTO).
India also agreed to lift retaliatory customs duties it imposed on a number of US products.
The major decision underscoring the close US-India bilateral economic and trade relationship was announced by United States Trade Representative Katherine Tai after Indian Prime Minister Narendra Modi’s meeting with President Joe Biden at the White House.
This breakthrough development is expected to help Indian exporters in getting key tax advantages.
Tai said in a statement that these tariff cuts will restore and expand market opportunities for US agricultural producers and manufacturers.
India had imposed duties on 28 US products such as chickpeas, lentils, almonds, walnuts, apples, boric acid, and diagnostic reagents in response to the US Section 232 national security measures on steel and aluminium.
“Prime Minister Modi’s visit has underscored the importance of the U.S.-India bilateral relationship and our cooperation on a range of shared priorities. Today’s agreement represents the culmination of intensified bilateral engagement over the last two years, including through the US-India Trade Policy Forum, to deepen our economic and trade ties,” said Ambassador Tai.
“As a result of our work, US agricultural producers and manufacturers will now enjoy renewed access to a critical global market and we will strengthen our trade relationship with one of our closest partners.
“I look forward to continue to working with my counterpart, Minister Goyal, as we identify additional ways to bring our people and our economies together,” she added, referring to India’s Minister for Commerce and Industry Piyush Goyal.
The WTO disputes that will be terminated are Countervailing Measures on Certain Hot-Rolled Carbon Steel Flat Products from India; Certain Measures Relating to Solar Cells and Solar Modules; Certain Measures Relating to the Renewable Energy Sector; India’s Export Related Measures; Certain US Measures on Steel and Aluminium Products and additional duties imposed by India on certain products from the United States.
Three of these disputes were initiated by the United States while three other disputes were initiated by India.
“In line with the close partnership highlighted by the official state visit of Prime Minister Modi, the agreement opens a new chapter of bilateral cooperation that will deepen and diversify the trade relationship between the United States and India,” the statement shows.
GNA