President of the U.S.-India Business Council (USIBC), Ambassador Atul Keshap, has expressed optimism as U.S. Commerce Secretary Howard Lutnick and Indian Commerce Minister Piyush Goyal commence bilateral trade discussions in Washington, D.C.
“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,” Keshap noted in a statement.
He highlighted that while U.S. and Indian businesses have long invested in each other’s economies, there is no formal investment or trade framework. Currently, India accounts for only 2.5 per cent of America’s trade volume, a figure he believes can and should grow significantly.
“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,” the statement noted. “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.”
Keshap further emphasized that USIBC member companies – both American and Indian –strongly support the negotiations and hope the talks will deepen the strategic, economic, and technological partnership between the United States and India.
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