Washington: US President Donald Trump on Tuesday asked Prime Minister Narendra Modi to do more to reduce obstacles to US exports to India as the two leaders vowed to further “expand and balance” Indo-US trade relationship.
Alongside Modi after their talks here, Trump told the media that India-US must have “a trading relationship that is fair and reciprocal”.
“It is important that barriers be removed to the export of US goods into your markets and that we reduce our trade deficit with your country,” he said.
India is the US’ ninth largest trading partner with the total two-way trade USD 67.7 billion last year, as per USTR figures. It is loaded in favour of India, which runs a surplus of USD 24 billion.
It however fades into insignificance when compared to China which runs a surplus of USD 347 billion with the US.
The surplus with US is India’s largest with a trading partner.
The United States and India should intensify their economic cooperation.
While the US president offered thanks for Indian airline’s recent order of 100 new American planes and Indian interest in military armaments, Modi said his economic plan and Trump’s ‘Make America Great Again’ stance ‘will add new dimensions to our cooperation’. Trump said US looked forward to exporting more energy on long-term contracts. The leaders resolved to pursue more commercial engagement based on the principles of free and fair trade.
‘Respect sovereignty while boosting regional eco ties’
Washington: Amid India’s concerns over the China-Pakistan Economic Corridor, Prime Minister Narendra Modi and US President Donald Trump on Tuesday underlined the need for bolstering regional economic connectivity while respecting sovereignty and territorial integrity.
India has been severely critical of China’s Belt and Road Initiative (BRI), the pet project of Chinese President Xi Jinping, as the USD 50 billion China Pakistan Economic Corridor (CPEC), which is part of the BRI, passes through Pakistan-occupied Kashmir (PoK).
Modi and Trump, who held wide-ranging talks during their maiden meeting, called for “support in bolstering regional economic connectivity.
Bolster regional economic connectivity through the transparent development of infrastructure and the use of responsible debt financing practices, while ensuring respect for sovereignty and territorial integrity, the rule of law, and the environment.”
They also urged all nations to resolve territorial and maritime disputes peacefully and in accordance with international law, a joint statement issued after the talks said.
The assertion comes, days after Prime Minister Modi cautioned against rolling out connectivity projects without respecting sovereignty and territorial integrity.