US pops India for trade gap, high duty

NEW DELHI: American Trade Secretary Wilbur Ross On Tuesday, India Hit Its" Unjustified" High Import Duties And" Exaggerated Restricting" Access Barriers, While Signaling Concerns About Proposed Data Localization Standards For Fintech And E-commerce Companies Amazon .

" At The Moment, American Companies Are Confronted With Significant Entry Barriers In India, Including Both Tariff And Non-tariff Barriers, As Well As Multiple Practices And Regulations Affecting Foreign Companies. India's Average Applied Rate Of 13.8%, Which Is Still The Highest Of Every Great World Economy, The Most High," He Said. While Turning Off The Import Duties Ross Said:" These Are Not Justified Percentages. They Are Way Too High."

The Donald Trump Het Bestuur Dringt Er Bij The Indiase Overheid Op Aan Om The Import Duties Op Een Groot Aantal Producten Te Verlagen En Het Falen Van The Dialoog Om Netelige Handelsconflicten Te Regelen, Heeft The VS Ertoe Aangezet Een Intrekking Van The Concessionele Toegang Tot Rechten Voor Verschillende Indiase Producten In The GSP Program.

" India Is Already The World's Third Largest Economy, And By 2030, It Will Become The World's Largest Consumer Market Because Of The Rapid Growth Of The Middle Class. Yet, Today, India Is Only The US 13th Largest Export Market, Due To Overly Restrictive" Meanwhile, The US Is India's Largest Export Market, Accounting For Something Like 20% Of The Total. There Is A Real Imbalance! And It's An Imbalance We Must Strive To Counteract," Ross Said At A Conference. He Pointed Out That Unlike Most Other Countries, The US Also Had A Trade Deficit With India On The Services Front.

India Had A Trade Surplus Or Around $ 21 Billion As It Exported More Goods Than It Imported, While On The Services Side, It Had A Surplus Of $ 3 Billion.

While Acknowledging The Indian Government's Plans Offered A Large Opportunity To American Companies, Ross Went On To Say That These Corporations Also Needed To Operate In A" Transparent Environment Supported By The Rule Of Law, And A Level Playing Field" .

He Identified Data Localization As A Barrier To US Corporations And Said That Such Rules Weakened Data Security Besides Increasing The Cost Of Business. He Also Flagged The Price Control On Medical Devices Such As Stents And" Restrictive Tariffs" On Electronics And Telecom Goods, Such As The 20% Levy On Network Routers And Switches And Parts Or Cellular Phones. In Contrast, He Said, US Allowed Duty-free Import Of These Products.

" That's Not A Justified Imbalance. These High Tariffs Undermine India's Goal Of Improving Digital Access And Digital Literacy," Said Ross.