A high Republican lawmaker has welcomed India signing a trade deal with Australia, and urged the Biden administration to enter into a related association with New Delhi that may advance Washington’s robust financial agenda within the strategically important Indo-Pacific area.
I’m happy to see #Australia & #India signal a robust trade deal, Senate Foreign Relations Committee Ranking Member Jim Risch mentioned in a tweet.
The US wants to do the identical and advance a robust financial agenda within the #IndoPacific. The Biden Admin’s failure to lead hurts US development and our partnership within the area, Risch mentioned in one other tweet.
On April 2, India and Australia entered into an Economic Cooperation and Trade Agreement.
The settlement was signed just about by Australian Trade Minister Dan Tehan and his Indian counterpart Minister of Commerce & Industry, Piyush Goyal within the presence of Prime Minister Narendra Modi and his Australian counterpart Scott Morrison.
Under the pact, Australia is providing zero responsibility entry to India for about 96.4 per cent of exports (by worth) from day one. This covers many merchandise which at present appeal to 4-5 per cent customs responsibility in Australia.
In February this yr, Commerce and Industry Minister Piyush Goyal mentioned that India and the US are in dialogue to take a look at methods, past a free trade settlement, to promote financial ties by offering higher market entry and enhanced engagement on investments.
The two nations are negotiating a trade bundle to iron out sure points and promote two-way commerce.
In 2021, the US had exported over USD 1.6 billion agricultural merchandise to India. The complete bilateral trade stood at USD 80.5 billion in 2020-21 as towards USD 88.9 billion in 2019-20.
India’s exports to the US stood at USD 51.62 billion in 2020-21 as towards USD 53 billion in 2019-20.
Similarly, India’s imports from the US stood at USD 28.9 billion in 2020-21 as towards the USD 35.9 billion in 2019-20, in accordance to commerce ministry information.
(Only the headline and film of this report might have been reworked by the Business Standard employees; the remainder of the content material is auto-generated from a syndicated feed.)