Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now

You can switch off notifications anytime using browser settings.
The Economic Times

Trade opportunities between US and India historic: US State Guv

Asa AP
MUMBAI: Trade opportunities between US and India are “historic” although there is a “re-examining of trading relationships” based on a look at new trading rules, the governor of Arkansas state in the US said in a recent interview.

“I think we have laid an incredible foundation for the future. And that foundation is based upon our commitment to democracy, our mutual love of entrepreneurship, and business and trade. And then the fact that we have national leaders who have a very good relationship, and are looking for ways to continue to foster trade and investment between India and the United States. So I see the opportunities as historic in nature,” said Asa Hutchinson in an interview to ET during his visit to India last week.

Hutchinson is one of five governors—of New Jersey, Colorado, Delaware and Indiana apart from Arkansas—who are scheduled to visit India over the next few months to enhance economic ties with the country.

“The fact that five governors are visiting India indicates not just that this is a national opening, but the government’s individual leaders in the states understand that India is open for commerce and trade, and that we need to build those relationships at every level,” he said.

Hutchinson’s and his peers’ visits follow the success of Howdy Modi, a recent community summit hosted by the Texas India Forum for Prime Minister Narendra Modi wherein he met US president Donald Trump.

The visits also come in the backdrop of US president Donald Trump’s constant criticism of what he calls high tariff rates on US products, for example a 50% tariff on Harley Davidson motorcycles. Trump has demanded better trading terms with most of US’ top trade partner countries.

Hutchinson said that rather than a “difference”, this would lead to a “transformation of how we do business”.
Arkansas-based Walmart last year bought a 77% stake in Indian ecommerce giant Flipkart for $16 billion. A total of 7 Indian companies including Welspun, TCS and Wipro have their operations in Arkansas.

Hutchinson said he and his team met several companies during his visit “ranging from textile to steel to technology”. He said one new company showed an exploratory interest in expanding to Arkansas but didn’t name it.
Stay on top of business news with The Economic Times App. Download it Now!