Expectations high on 'mini' trade deal: India Inc
New Delhi: India Inc expects tangible outcomes from US President Donald Trump's maiden visit to the world's fifth largest economy later this month, including a bilateral "mini" trade deal and higher investment commitments from American companies, industry groups said on Sunday.
The two countries are negotiating a trade package to iron out certain issues and promote two-way commerce.
India is demanding exemption from high duties imposed by the US on certain steel and aluminium products, resumption of export benefits to certain domestic products under the Generalised System of Preferences, and greater market access for its products from sectors like agriculture, automobile, auto components and engineering.
On the other hand, the US wants greater market access for its farm and manufacturing products, dairy items and medical devices, data localisation, and cut on import duties on some information and communication technology (ICT) products.
The US has also raised concerns over high trade deficit with India. "Expectations remain high on achieving a bilateral 'mini' trade deal, which hopefully lays the foundation for a more comprehensive economic partnership.
As Indian industry enhances its investment and job creation in the US, we expect an interaction of President Trump with leading Indian companies operating in the US," Confederation of Indian Industry (CII) Director General Chandrajit Banerjee said.
"Trade negotiators from India and the US have been working hard to add value to the bilateral economic engagement, leveraging on their mutual advantages.
As Prime Minister Narendra Modi hosts Trump to a national reception, the two leaders would give a decisive lift to bilateral ties," Assocham Secretary General Deepak Sood said.
At the invitation of Prime Minister Modi, Trump is slated to travel to India on February 24 and 25. According to sources, Trump will meet the country's top business leaders here on February 25 in a bid to push for deeper trade and business ties.
A CEO's roundtable will be organised to facilitate a meeting between the US President and corporate honchos in the national capital. Senior
bureaucrats are also expected to attend the meeting, besides top executives from American corporations.