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.

Related Articles
Next Story
Going Viral
Defence Minister Rajnath Singh To Visit Kargil

Defence Minister Rajnath Singh To Visit Kargil

by Chandrani Sarkar July 18, 2019
On July 20, Defence Minister Rajnath Singh will visit Kargil to pay homage to martyrs who laid down their lives in Kargil War.  Mr. Singh has lit a “Victory Flame” on July 14 at the National War Memorial in New Delhi which is about to reach Jammu and Kashmir’s Drass on July 26, to celebrate the country’s victory over Pakistan in Kargil War.  The “Victory Flame” will cross through 11...