On Thursday, US Commerce Secretary Wilbur Ross after describing India as a “high-tariff market”, urged the government to carry out reforms that will open up the India economy and market.
Mr. Ross made straightforward remarks asking India to remove the overly restrictive market access barriers for American companies. “As President Donald Trump has said, we look forward to working with Indian Prime Minister Narendra Modi and his administration, to address mutual trading opportunities and investment potentials,” said Mr. Ross addressing India Ideas Summit of US Indian Business Council in Washington.
He also stated that he may visit India to discuss some of the main problems which are affecting India and US trade ties. The US Commerce Secretary visited India just before the Lok Sabha elections and met PM Modi and top India government officials.
The US has been trying to maintain a more balanced and reciprocal trade relationship with India as well as other nations across the world. According to Mr. Ross, the US is the “least protectionist” major country, but India has “one of the highest levels of tariffs in the world.”
That the PM Modi has been voted back to power again with a far better result, Mr. Ross said that he is hopeful to execute essential reforms which will take India towards “a more open economy”.
“The mindset of moving towards a more open economy” is very important, and will be beneficial for both the countries, he added.
He further claimed that US companies need more predictability and transparency for the development of a viable commercial relationship.