US-India to engage in trade talks
Following the meeting of Indian PM Shri Narendra Modi and US President Donald Trump in Osaka, Japan, along the sidelines of the G20 Summit, the two nations have announced that they will restart their trade talks. A USTR delegation will meet Commerce Minister Shri Piyush Goyal today. The bone of contention impacting bilateral ties is the series of protectionist measures taken by the two governments in recent months that have strained ties between the strategic partners. In a bid to foster growth of domestic firms & generate employment opportunities, US has accused India of engaging in various protectionist tactics like drafting e-commerce rules related to foreign investment. Furthermore, it has been voraciously advocating for opening up of India’s domestic markets.
According to the US India Strategic and Partnership Forum, US-India bilateral trade could touch US$ 238 billion by 2025 from the existing US$ 143 billion, given the present dynamics of the commercial engagement.