Trade between Africa and India has increased more than eight-fold from $7.2 billion in 2001 to $62.5 billion in 2018, making it fourth-largest national trading partner, accounting for more than 6.4 percent of total African trade in 2018.
In the backdrop of unresolved bilateral trade issues, restoration of Generalized System of Preferences, price controls on medical devices and duty cuts, US Trade Representative Robert Lighthizer will meet Piyush Goyal for a limited scope trade deal.
Trade deficit hit a 7-month low of $10.86 bn as exports of petroleum, engineering and other goods fell while imports declined to a 3-year low of $36.89 bn, indicating weak domestic demand in a slowing economy. Only 8 of 30 key sectors show growth.
About the economic slowdown, Goyal said that Indian economy can do well with these structural adjustments.
Exercise underway to develop an index with an aim to cut logistics costs to 10% from 14%.
As the ongoing trade dispute between China and the US continues to escalate, tariffs are making exports from China more and more expensive for US importers.
Prospects of an early conclusion of the India-US trade deal have brightened with the two sides reducing their differences and agreeing to allow more goods to be shipped by both countries, besides cutting import duty on contentious items, including high-end bikes like Harley-Davidsons.
According to a report, firms in China plan to move production to India, Vietnam, Taiwan and Mexico.
“We are doing very well. I think very soon we will have a trade deal. We will have a larger deal later on,” Trump said during a joint press conference with Prime Minister Narendra Modi.
The Help Desk and Facilitation Centre is an institutional arrangement to facilitate optimal utilisation by different stake holders of available trade remedial measures aimed at curbing unfair trade
The company has invested Rs 20 crore in a co-located manufacturing facility in Bengaluru along with the R&D centre.
India-US bilateral trade has doubled in the last 10 years and potentially can double again in the next five years
Jaishankar said the government had been engaging with the US to try and resolve the trade issues. “It’s a glass 90% full rather than 10% empty,” he said.
Want subsidies better than those offered by China, Vietnam
Deals likely to be announced when Modi meets Trump.
The commerce and industry ministry will soon approach the Cabinet for reduction in insurance premium rates to 0.6% for small exporters having an outstanding limit of less than Rs 80 crore.
Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service