U.S. Commerce Secretary Advocates for Increased Trade with India
U.S. Commerce Secretary Howard Lutnick called on India to open its agriculture sector to U.S. products while expressing flexibility on quotas. The Global Trade and Research Institute warned that U.S. proposals might jeopardize India’s trade position. President Trump mentioned India’s agreement to consider tariff cuts as part of the Bilateral Trade Agreement.
During the India Today Conclave, U.S. Secretary of Commerce Howard Lutnick emphasized the necessity for the Indian agriculture sector to open up for U.S. products. He expressed the United States’ willingness to consider quotas and limits in sensitive areas while advocating for a comprehensive trade agreement that encompasses all sectors, including agriculture. Lutnick highlighted that innovative thinking is essential to facilitate this trade opening.
The Global Trade and Research Institute (GTRI) responded to Lutnick’s statements by cautioning that proposals framed as mutual benefits often disproportionately favor U.S. interests at the expense of India’s economic and strategic priorities. They suggested that accepting these suggestions without critical evaluation could weaken India’s trade position, recommending that India’s approach should be firm and data-driven.
U.S. President Donald Trump reiterated that India is expected to reduce its tariffs, criticizing the high tariffs currently imposed by India that restrict U.S. companies from entering the market effectively. He claimed that India has acknowledged the need to lower tariffs following exposure to their restrictive practices. The upcoming Bilateral Trade Agreement indicates that India plans to provide significant tariff concessions on U.S. products in exchange for similar concessions from the U.S. on new tariffs due to take effect on April 2.
In conclusion, the statement by U.S. Commerce Secretary Howard Lutnick highlights the call for the Indian agriculture sector to open up to U.S. products while indicating flexibility regarding quotas and limits. The potential impact on India’s trade position was underscored by GTRI, who advised caution against uncritical acceptance of U.S. proposals. President Trump’s remarks further emphasized the expectation of tariff reductions from India in the context of the Bilateral Trade Agreement, aimed at fostering more balanced trade relations.
Original Source: indianexpress.com
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