Donald Trump’s Administration wants Indian Prime Minister Narendra Modi to minimize trade barriers and embrace fair as well as reciprocal trade, said the United States, hours after the Secretary of State Mike Pompeo landed in New Delhi on a 3-days visit.
According to the information of a State Department Fact Sheet, “There is enormous potential to grow our trade relationship and create the high-quality jobs that Prime Minister Modi wants if India lowers trade barriers and embraces fair and reciprocal trade.”
Bilateral trade is expected to be a key topic of discussion during Mr. Pompeo’s talk with Indian leaders.
The US-based companies has found great opportunities in India, and increased economic investment and openness will offer mutual benefits.
It continued that “the Trump Administration is working to ensure that American companies operating in India have the same level playing field that Indian companies enjoy in the United States.”
The State Department described India as a number one overseas market, the United States purchases close to one-fifth of its exports. India is the fastest growing global marked for the United States goods.
In 2018, the two-way bilateral services and goods trade with India totalled USD 142 billion, up at 12.6 percent, over the last year.
The US-based crude oil exports to India are rolling, increases India’s en energy security while reduces its bilateral trade conflict.
Last year, the United States has exported around 50 million barrels of crude oil to India, compared to less than 10 million barrels the previous year, and is expecting to export even greater volume in 2019, it added.
The United States defense sale to India is likely to reach nearly USD 18 billion by the end of 2019 from 0 in 2008, enriched national security of India and increasing employment opportunities in both the nations, it claims.