New Delhi: US and India are looking to take the two-way trade to a “higher level” involving “give and take” even as both countries are looking to address the “sharper edges” between them, Minister of External Affairs S Jaishankar said Tuesday.
“Trade problems are normal. They are reflective of a normal trading relationship. There would be an effort to take it to a higher-level, there’ll be give and take… then we sit down and see where we can find a common ground where there is give and take and find a way it works for both of us,” said Jaishankar, addressing a press conference on the first 100 days of the second Modi government.
His remarks comes days before Prime Minister Narendra Modi is scheduled to embark on a week-long trip to the US starting from Saturday.
Referring to the ongoing trade disputes between the two countries, Jaishankar said “some of the sharper edges would be addressed in some form in the not too distant future”, hinting at the possibility of a trade deal between both sides that might be unveiled during Modi’s meeting with Trump.
“The only way you cannot have a trade problem — if you don’t trade. And trade problem often happens with people you are close to. So trade problems are normal, in fact, in many ways it’s reflective of a very substantial relationship,” Jaishankar said.
Under the Trump administration, the US has been particularly upset with India as far as tariffs on American telecom, electronic goods and farm produce are concerned. Besides, Washington has been particularly miffed with New Delhi for capping prices on medical devices.
Earlier this year, the trade scenario between both countries heated up as soon as the Modi government came to power for the second time. The Trump administration withdrew trade benefits from Indian goods worth $6 billion in May, under the Generalised System of Preferences (GSP) programme.
Subsequently, India retaliated by slapping tariffs on 28 American products ranging from almonds to engineering goods.
Also read: On trade tariff, India & US need to place strategy over economy keeping domestic politics out
‘Talks on Iran going on with US’
On seeking a waiver from American sanctions for purchasing oil from Iran, Jaishankar said, conversation is on with the Trump administration.
“Our interest is in affordable, predictable supply of energy. The situation is not a static situation. There are a lot of conversations, there are a lot of moving part to this issue, some of which surfaced at the G-7 meeting on the sidelines,” he added.
Foreign Secretary Vijay Gokhale visited Iran Monday for the 16th round of Foreign Office Consultations in Tehran where he met Iran’s Deputy Foreign Minister Seyyed Abbas Araghchi, Javad Zarif, Minister of Foreign Affairs of Iran and Ali Akbar Velayati, Senior Advisor to Supreme Leader.