WASHINGTON, D.C. – As bilateral talks commenced between U.S. Commerce Secretary Howard Lutnick, United States Trade Representative Jamieson Greer, and Indian Commerce Minister Piyush Goyal, U.S. Chamber of Commerce U.S.-India Business Council (USIBC) President Ambassador (ret.) Atul Keshap issued the following statement:
“We wish both governments success in their negotiations, and urge both sides to leverage the trade relationship for shared growth. Meaningful trade facilitation through a sweeping bilateral trade deal is long overdue, and would be instrumental in boosting the GDPs of both America and India and bind our two mighty economies closer together.
“For years, U.S. and Indian businesses have invested in each other’s countries without a formal investment or trade framework. India represents only 2.5% of America’s trade volumes, and that number can and should increase substantially. Now, both sides should work with focus to formalize a level playing field, full and open market access, swift dispute arbitration, and predictable tax and regulatory policies to boost investment, growth, and job creation in both countries.
“Non-tariff barriers and red tape that slow market access should be dismantled with haste. The opportunity for both sides is a landmark bilateral agreement that can further unleash entrepreneurship and GDP growth in both countries. Now is the time for ambitious outcomes between Washington and Delhi.
“Our USIBC member companies – American and Indian – enthusiastically applaud the efforts of both governments and wish them productive talks that deepen the strategic, economic, and technological partnership between the people of the United States and the people of India.”
