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India and the united States, are working on a trade agreement for the past two years, Alice Wells said.
Washington:
Stressing that India has not been able to crack trade agreements, a senior u.s. diplomat said Wednesday that they need to carry the economic reforms to seize the opportunity offered by the coronavirus of the crisis.
Alice Wells, the outgoing Assistant Director of the Secretary of State for South and Central Asian Affairs, said that the US wants a trade pact, but India has not been able to do it.
Companies want to diversify their supply chains post-COVID 19, this represents “a golden opportunity for India”, that we think that you should take advantage of the market, centred approaches in place of protectionist instincts, said the observation that the united states really wants to work with India to improve the business environment.
“I would like to point out that we are a country that makes trade agreements. As rough and tumble these discussions, we make deals. We have not seen the India will be able to make these trade agreements, however,” Alice Wells said told the Washington DC-based think tank.
“Therefore, this is not just a problem for US. It is an issue that India is facing and its relations with the EU, Australia, and other countries,” Wells said former U.S. Ambassador to India, Richard Verma, during a virtual discussion organized by the Atlantic Council.
She said that there is” a real opportunity for diversification, since countries are looking at risk in China.
“India might make sense if the right policies are put in place and the right of the commitments of the infrastructure,” he said.
The united States, said that without a doubt want to see that happen and facilitate this type of growth in your association with India. “But there are difficult issues, and this administration is committed to doing whatever is necessary to move forward,” the U.s. diplomat said.
India and the united States, are working on a trade agreement for the past two years. The past month of September, the President, Donald Trump had announced that there was likely to be signed soon.
Later is expected to be signed during his visit to India in February of this year. However, the marked differences between the two countries.
“In any business relationship, there are trade irritants. This is an area in which we have been working hard over the last two-three years. And it is a priority of the president to be able to reduce tariff barriers to American products,” he said.
Expressing his disappointment that the two countries could not reach a commercial agreement at the beginning of this year, said that the importance of that agreement has only increased as the economy of India is facing additional headwinds.
“We have also seen a decline. We”I’ve seen the steps that have been taken in the course of the last year, which put them at a disadvantage to foreign companies that change the rules of the road after the companies have made very substantial investments or the increase of the taxes again in a discriminatory manner in American businesses,” she rued.
The observation that the ease of doing business is especially important when it comes to the pharmaceutical sector, Wells said that he was pleased to see Gilead”s announcement last week that”going to the source of remdesivir of companies in India.
“As President of Triumph it has been pointed out, India is a vital partner for the development of vaccines. This is an area in which the Serum Institute of India is already working with US partners. And India is also a crucial cog in the global supply chain for the ventilation of the components. We were very happy to be able to ourselves to donate the fans to India and other partners at the beginning of this month,” Wells said.
Earlier in the day, Wells told reporters during a conference call that India needs to open, as it is a protected market, which at times denies a level playing field for foreign companies.
“In the post-pandemic environment, countries are looking for a bit of globalisation and onshoring of production critical. And, at the same time, there is a very strong effort to diversify the supply chains,” Wells said during a conference call with journalists.
“And this is a great opportunity for India through the adoption of a more open and welcoming, the policy of reduction of tariffs that enable manufacturing companies in the interior of India to be part of the global supply chain,” Wells added, emphasizing the building of trust in supply chain relationships.
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