Current AffairsIndian Affairs

The US became Indias top trading partner

The data provided by the Ministry of Commerce stated that in 2018-2019 the US had surpassed China to become India’s top trading partner. It shows greater economic ties between the two countries. The trend is expected to continue in the coming years as India and the US are engaged in further deepening the economic ties.  Report Highlights: The bilateral trade between India and the US stood at $87.95 billion in the year 2018-2019.  On the other hand, India’s two-way commerce with China aggregated at $87.07 billion in the same year.  During April-December of the year 2019-20, the bilateral trade between the US and India stood at $68 billion and at $64.96 billion with China.  Both countries are expected to finalize a free trade agreement (FTA) so that the bilateral trade would reach different levels.  India is demanding a cut in visa fees, exemption from high duties imposed on certain steel and aluminum products, and greater market access for its products from sectors such as agriculture, automobile, automobile components, and engineering by the US.  On the other hand, the US wants market access for its farm and manufacturing products, medical devices, dairy items, and data localization. It also demanded a cut on import duties on some information and communication technology (ICT) products. The US has also raised concerns over a high trade deficit with India.

Content Protection by DMCA.com

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back to top button

Adblock Detected