Huge potential for hike in trade with India: US

Sanjeev Sharma

Tribune News Service

New Delhi, October 20

The US has asked India to consider relaxing local sourcing requirements in single brand retail trade. India has, in turn, mentioned recent FDI reforms providing relaxation in local sourcing norms in specific cases.

The issue came up during the meeting between Commerce and Industry Minister Nirmala Sitharaman and US Trade Representative Michael Froman as part of the 10th ministerial-level meeting of the India and United States Trade Policy Forum (TPF).

According to a joint statement, the US and India also decided to continue their engagement on visa issues.

The trade between the two countries reached $109 billion in 2015 and the ministers recognised that for economies of their size, a great deal of potential remains. Both sides agreed to continue their efforts for exploring possibilities for opening up the markets.