On Tuesday, hours after State Secretary Mike Pompeo landed on a three-day journey to New Delhi, the administration of Donald Trump expects Prime Minister Narendra Modi to decrease trade barriers and embrace fair and reciprocal trade.
“Our trade relationship has tremendous potential to expand and generate the high-quality employment that PM Modi wishes if India reduces trade barriers and embraces fair and reciprocal trade,” a State Department Fact Sheet said.
Bilateral trade is likely to be an important topic of discussion during Mike Pompeo’s talks with the Indian leadership.
American businesses see excellent opportunities in India, and greater financial openness and investment will bring mutual benefit.
“The Trump Administration is working to guarantee that American firms operating in India have the same level playing field that American firms enjoy in the United States,” he said.
The State Department said that as India’s number one overseas market, the US purchases close to one-fifth of its exports India is also America’s fastest-growing significant commodity market.
In 2018, bilateral trade in products and services with India amounted to USD 142 billion, up 12.6%, or nearly USD 16 billion, compared to the past year.
Exports of US crude oil to India are on the rise, increasing the energy security of India while reducing its bilateral trade deficit.
In 2018, the United States exported almost 50 million barrels of crude oil to India, compared to less than 10 million barrels in 2017, and is on track to export even higher quantities in 2019.