CII lauds Prabhu's US visit to sort trade issues
New Delhi, June 17: Noting that US trade officials are expected to visit India soon in an attempt to address the trade and economic irritants between the two countries, industry chamber CII on Sunday lauded Commerce Minister Suresh Prabhu's visit to the US for setting "a roadmap to resolve bilateral trade issues expeditiously".
India and the US have agreed to hold official talks soon to address the bilateral trade issues in a decision that was taken during a series of meetings Prabhu had with US Commerce Secretary Wilbur Ross and United States Trade Representative (USTR) Robert Lighthizer in Washington during the Indian Minister's visit from June 10 to 12.
"The Confederation of Indian Industry (CII) understands that officials of USTR may travel to India very soon. CII hopes the trade package to be negotiated would include the renewal of Generalized System of Preferences benefits for India which accounts for nearly $6 billion of Indian exports to the US," CII said in a release.
"During the (Prabhu) visit, it was stressed that India's recent purchases of US-made civilian aircraft and procurement of petroleum and LNG from the US have helped balance India-US trade. Bilateral trade has increased by more than 15 per cent to $74.5 billion in 2017-18," it added.
In March, US President Donald Trump slapped import tariffs of 25 per cent on steel and 10 per cent on aluminium, unfolding the prospect of an all-out global trade war as China retaliated to this and a subsequent US tariff imposition.
India has sought an exemption from the US tariffs along the lines the US has allowed to the European Union, Argentina, Australia, Brazil, Canada, Mexico and South Korea.
Prabhu had earlier said that India would bilaterally take up the issue of recent trade protectionism measures with the US.
During his visit, he also addressed business and industry leaders in meetings organised by the US-India Business Council (USIBC) and US-India Strategic Partnership Forum (USISPF) and met other stakeholders.
"It's a great time to join hands with each other and that is the realisation within the (US) administration as well. As you know, we always hear about trade disputes between the US and India, but when I had a meeting with the USTR, the Commerce Secretary, Agriculture Secretary, Senators, it is very clear that we must move on, keeping the issues behind," Prabhu told industry leaders at a reception hosted by USIBC.
His industry meetings included senior officials from major American companies such as Boston Scientific, FedEx, Walmart, Abbott, UTC, Honeywell, PhRMA, MoneyGram, Lockheed Martin, Koch Industries, Amway, Uber and 21st Century Fox.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
RCB beat MI by 18 runs after batters fire
Mumbai (PTI): Royal Challengers Bengaluru skipper Rajat Patidar, Phil Salt and Virat Kohli blasted half-centuries as the defending champions beat Mumbai Indians by 18 runs in an Indian Premier League match here on Sunday.
Salt (78 off 36 balls) and Kohli (50 off 38 balls) stitched together a 120-run stand for the opening wicket before Patidar scored a rapid 53 off just 20 balls as RCB posted 240 for 4.
In response, Mumbai Indians were restricted to 222 for 5, with RCB spinner Suyash Sharma (2/47) putting the skids on the home side with a double strike in the eighth over, from which they could not recover.
Sherfane Rutherford top-scored for MI with an unbeaten 71 off 31 balls.
While opener Rohit Sharma appeared to be struggling with a hamstring issue and had to retire hurt on 19, his partner Ryan Rickelton made 37, while Suryakumar Yadav (33) and Hardik Pandya (40) were the other contributors for MI.
Brief scores:
Royal Challengers Bengaluru 240 for 4 in 20 overs (Phil Salt 78, Virat Kohli 50, Rajat Patidar 53, Tim David 35 not out).
Mumbai Indians: 222 for 5 in 20 overs (Sherfane Rutherford 71 not out, Ryan Rickelton 37, Hardik Pandya 40; Suyash Sharma 2/47).
