Despite the growing global weight, India is still only the 14th biggest trading partner: US Commerce Secretary
Gary Locke US Commerce Secretary expressed concern over India’s restrictive trade policy that he said could impede investment opportunities despite then growing economic and security ties between the two nations.
On Monday addressing a conference ‘Unlocking the Potential of US-India Trade’ here Locke said, “Despite the growing global weight, India is still only the 14th biggest trading partner for the United States, and obstacles from outsourcing controversies to the Doha world trade round and market access have put the brakes on faster integration.”
Locke said, “Even though India has made tremendous strides to open up its economy, there is much more work that is left to be done. While many tariffs have come down, others remain. Ranging from 19 percent levies on civil aviation aircraft and 30 percent pistachios, 26 percent on X-ray films and 50 percent on apples. Even when there are not outright tariffs; there are other non- tariffbarriers that limit trade and investment.”
The United States and India need each other to meet ambitious export targets amid a sluggish US economic recovery, yawning trade deficits with China and fears of global imbalances sparking a standoff. (ANI)
