India-US Trade Issues Can Be Resolved "In Near Future": S Jaishankar

India and the US are negotiating a trade package to iron out bilateral trade issues and promote the two-way commerce.

India-US Trade Issues Can Be Resolved 'In Near Future': S Jaishankar

"Most of the trade disputes are resolvable in the near term," S Jaishankar said. (File)

Washington:

Foreign Minister S Jaishankar today said most of the trade disputes between India and the US are "resolvable in the near term", as he ruled out pushing the issue for the next American administration.

In an event organised by the Carnegie Endowment for International Relationship think-tank, Mr Jaishankar said the foreign policy and priorities of the PM Modi's government are in tune with the realities of a New India, currently the fifth largest global economy and is soon going to be the third largest.

"Most of the trade disputes (with the US) are resolvable in the near term," S Jaishankar told the audience in his first engagement of his maiden trip to the US capital as External Affairs Minister.

He said the government wants to resolve the Indo-US bilateral trade issue as early as possible and does not want to push it for the next administration in the US.

"Today we approach the world with high degree of realism and a strong sense of belief," he said.

India and the US are negotiating a trade package to iron out bilateral trade issues and promote the two-way commerce.

India is demanding exemption from high duties imposed by the US on certain steel and aluminium products, resumption of export benefits to certain domestic products under their Generalised System of Preferences (GSP), greater market access for its products from sectors, including agriculture, automobile, auto components and engineering.

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On the other hand the US wants greater market access for its farm and manufacturing products, dairy items and medical devices, and cut on import duties on some ICT products. The US has also raised concerns over high trade deficit with India.

In 2018-19, India's exports to the US stood at $52.4 billion, while imports were valued at $35.5 billion. Trade deficit dipped from $21.3 billion in 2017-18 to $6.9 billion in 2018-19.

India received Foreign Direct Investments worth $3.13 billion from the US in 2018-19, higher than $2 billion in 2017-18.

Mr Jaishankar said the backbone of the bilateral ties is the diaspora connect, which has become stronger both in terms of number and quality.

During his three-day trip to Washington, Mr Jaishankar is scheduled to meet his US counterpart Secretary of State Mike Pompeo, US Defence Secretary Mark Esper and the new National Security Advisor Robert O'Brien. He is also scheduled to meet a host of US lawmakers and interact with the think-tank community.