US, India trade issues need ironing out: Industry associations

With Donald Trump set to take charge as the President of the United States of America on January 20, industry associations in the two countries have urged the two governments.

Published: 27th December 2016 01:21 AM  |   Last Updated: 27th December 2016 07:11 AM   |  A+A-

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US President-elect Donald Trump. (File photo | AP)

By Express News Service

NEW DELHI: With Donald Trump set to take charge as the President of the United States of America on January 20, industry associations in the two countries have urged the two governments to exchange a wish list of issues they want to accomplish in bilateral economic issues to fast track economic cooperation. 

The Indo-American Chamber of Commerce (IACC) on Monday pointed out that such a wish list should be structured around the amicable settlement of IPR issues leading to earliest conclusion of a bilateral investment treaty (BIT), totalisation agreement, a sound legal framework to expeditiously settle disputes, settlement of issues emanating from non-tariff measures and importantly, a fast solution to nagging visa problems.

IACC National President N V Srinivasan said, “Many corporations are seriously discussing these ideas in their boardroom meetings, while others are taking concrete steps towards investing in India with a renewed interest. We have to capitalise on the situation by removing impediments to the flow of investments and take concrete steps towards ease of doing business in India to leverage our position as an attractive investment destination.” 

With Trump already indicating that he was averse to regional trade agreements like the NAFTA and the emerging Trans Pacific Partnership (TPP), the association has pointed out that there could be an opportunity for India to benefit from such a strategy.

“He (Trump) is in the process of recalibrating the policies to deal pragmatically with each country by their level of importance and economic engagement.

“Against this backdrop, India’s recent policy initiatives like Make in India, Digital India, Smart Cities project, high budget investments in infrastructure etc where critical technical and financial investments are needed, would stand to benefit,” said Srinivasan. 

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