UNITED NATIONS (Pakistan Point News / Sputnik - 25th September, 2019) US President Donald Trump during a meeting on the sidelines of the UN General Assembly told Indian Prime Minister Narendra Modi that American businesses need greater access to markets in the world's second most populated country, the White House said in a statement.
"The President reaffirmed the importance of greatly increasing trade between the United States and India, and highlighted the need for resolving barriers to free, fair, and reciprocal trade, which includes improving United States companies' market access in India," the statement said on Tuesday.
While the United States and India have bilateral trade to the tune of more than $140 billion, the Stratfor geopolitical intelligence consultancy in a recent report said disputes over trade, immigration and technology have strained their relationship, prompting the need for a trade deal.
Last year, the Trump administration refused to exempt India from steel tariffs and removed a special trade designation referred to as Generalized System of Preferences (GSP) that affected over $5 billion of Indian duty-free products. The Modi administration retaliated by slapping tariffs on 28 US goods.
The two sides are reportedly negotiating a partial trade deal under which Washington will reinstate New Delhi's benefits in exchange for concessions on market access and medical devices, among other areas, according to Stratfor.
Washington has also cracked down on the issuance of H-1B visas in the tech sector, hitting domestic giants such as Google, microsoft and Amazon, as well as Indian consulting firms like Tata, Wipro and Infosys that have substantial operations in the United States, providing IT professionals from India.
