New Delhi: India and US agreed to end six trade contention at the World Trade Organisation, whereas, New Delhi in return will remove retaliatory customs duties on 28 American products such as almonds, walnuts and apples, says Commerce and Industry Minister Piyush Goyal on Friday.
The news came amidst PM Modi’s ongoing visit to the United States, where PM Modi got involved in a bilateral meeting with US President Joe Biden. The two nations made pacts on defence, space, and technology along with this, they also reinforced trade ties.
“It is a big victory for India and is a mutually beneficial arrangement for both countries,” Piyush Goyal told the media.
The commerce Minsiter further stated that there are no more pending India-US disputes at the WTO.
In 2015, India lost a long-overdue case against the US relating to poultry imports at WTO’s dispute settlement body. After this, India received a period of 12 months to comply with the WTO order, whereas the US sought trade sanctions against India for the same.
Moreover, Goyal told the reporters that US Trade Representative Katherine Tai will be coming to India by the end of 2023 for the next Trade Policy Forum meeting.
“Before that, we will be in a position to solve that (poultry case) also,” Goyal said.
Industry experts have to say that both countries are likely to resolve the disputes on mutual terms and inform the Geneva-based WTO concerning the same matter afterwards.
