India-US partnership has potential to reap monumental economic benefits, says a trade body

A truly fair and bilateral US-India trade partnership would have the potential to reap monumental economic benefits for both countries, including increased innovation and job creation, said AFTI.

Washington, Oct 31: Days after India and the US conducted its Trade Policy Forum and Commercial Dialogue, a US trade advocacy group focused on India has sought a "truly fair and bilateral" trade between the two countries.

"A truly fair and bilateral US-India trade partnership would have the potential to reap monumental economic benefits for both countries, including increased innovation and job creation," the Alliance for Fair Trade with India (AFTI) said in a statement yesterday.

"AFTI and its members welcome bilateral discussions between US and India to improve and strengthen the countries' economic and trade relationship. However, neither the Trade Policy Forum nor the Commercial Dialogue resulted in specific concrete actions to address challenges for US businesses and manufacturers exporting to or operating in India," it said.

US industries want to see a more robust US-India commercial relationship and increased US-India trade, it added.

"But it "must see concrete efforts to address issues" in India that limit market access and undermine their competitiveness, including price controls, forced localisation, technical barriers to trade and intellectual property barriers," it said.

AFTI said it is hopeful the Indian delegation's desire to work towards resolution of the outstanding issues before the next round of the TPF indicates a real willingness to agree to concrete solutions that improve market access in India.

"We urge the US and Indian governments to continue to work together and to act swiftly to implement necessary policy reforms to strengthen the trade relationship," AFTI said.

PTI