Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ News / World/  India, US trade ministers to meet in Sydney next month
BackBack

India, US trade ministers to meet in Sydney next month

US trade representative calls up India's commerce and industry minister

Commerce and industry minister Nirmala Sitharaman tweeted she will meet the US trade representative at the G-20 meet in July in Australia. Photo: Pradeep Gaur/MintPremium
Commerce and industry minister Nirmala Sitharaman tweeted she will meet the US trade representative at the G-20 meet in July in Australia. Photo: Pradeep Gaur/Mint

New Delhi: Trade ministers of India and the US would meet next month in Sydney during the G-20 meeting to boost bilateral economic relations.

US trade representative (USTR) Michael Froman called up India’s commerce and industry minister Nirmala Sitharaman and the two talked about ways to further strengthen the relations on the economic front during their 20 minutes talks, an official said. Later, Sitharaman tweeted: “Froman called, a good beginning, committed to building a strong partnership. Will meet him at G-20 in July in Australia."

The official said that the Indian minister reciprocated Froman’s gesture by signalling interest in making a fresh beginning on a positive note. Further, the USTR also talked about the Trade Policy Forum (TPF), which has not “met for quite some time". While the TPF has not met, officials from both the sides have engaged through video conferencing. Notes were exchanged by officials on issues such as intellectual property rights, services, agriculture and investment issues. The coming visit of the deputy USTR Wendy Cutler to meet commerce secretary Rajeev Kher in July in preparation for convening the next meeting of the TPF also came up for discussion. The US-India TPF is an inter-agency collaboration led by the US trade representative.

It is the principal trade dialogue between the countries. It has five focus groups: agriculture, investment, innovation and creativity (intellectual property rights), services, and tariff and non-tariff barriers. At present, the bilateral stands at about $100 billion. The US-India Business Council (USIBC) had said bilateral trade between the countries could touch the $500-billion mark over the next decade. India has received about $12 billion foreign direct investment (FDI) from US companies from April 2000 to March 2014.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 06 Jun 2014, 12:31 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App