U.S. Commerce Secretary Advocates for Special Trade Partnership with India
U.S. Commerce Secretary Howard Lutnick called for India to adopt a ‘special’ trade approach with the U.S. He recommended opening its agricultural sector for a comprehensive bilateral agreement, emphasizing the strong relationship between India’s Prime Minister Narendra Modi and President Donald Trump as a foundation for success. Lutnick highlighted the benefits of focusing on direct negotiations and lowering tariff levels for a fruitful partnership.
United States Commerce Secretary Howard Lutnick advocated for India to prioritize its trade relationship with the U.S., suggesting the nation adopt a ‘special’ approach. This entails finding innovative methods to open its agricultural sector, facilitating a comprehensive bilateral trade deal, rather than engaging in product-specific negotiations. He emphasized that a robust agreement is feasible, boosted by the strong rapport between Prime Minister Narendra Modi and President Donald Trump.
During a virtual address at the India Today Conclave from Washington D.C., Lutnick proposed that India must depart from its traditional multilateral trade model. He indicated that focusing solely on the bilateral relationship with the U.S. would foster a significant opportunity. “We have an extraordinary opportunity together,” he noted, while cautioning against global concerns that could hinder progress in this area.
Lutnick urged India to consider lowering tariff levels that currently protect certain domestic industries, proposing that India could maintain its protective measures globally, with exceptions made for reciprocal interactions with the U.S. He highlighted the unique advantages of trading with America, citing it as the world’s most powerful and largest consuming economy, which can yield substantial benefits for both nations.
Moreover, Lutnick reinforced the strong potential for a comprehensive bilateral trade agreement. He stated that this is attainable because of the positive dynamic between the leaders of both countries. He emphasized the importance of taking bold steps to strengthen the connection between India and the United States, suggesting that it is an opportune moment for both nations to collaborate effectively in the realm of trade.
In summary, U.S. Commerce Secretary Howard Lutnick’s remarks underscore the necessity for India to reassess its trade framework with the United States, advocating for a special bilateral agreement that maximizes mutual benefits. By transitioning away from outdated models and focusing on a comprehensive trade approach, both nations stand to enhance their economic relations significantly, particularly as they aim for greater trade by 2030.
Original Source: www.hindustantimes.com
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