BUSINESS

US seeks greater access to Indian market

Source:PTI
March 10, 2003 18:13 IST

Expressing concern over American trade deficit with India, the US on Monday called for a greater market access for its agri-goods in this country.

It also urged India to consider the US proposal made in the World Trade Organisation for elimination of export subsidies.

"One area in which we need to do better is the US-India economic interaction, including American agricultural exports to this country", US Ambassador to India, Robert Blackwill said in New Delhi.

Addressing a gathering at the 'Aahar' Food show, he said over the past six years, US agricultural exports to India have increased by 147 per cent to $280 million in 2002.   

However, given India's population and its growing middle-class, this figure remains quite small, he said, adding if India increased access to its market for US agricultural goods, it would provide for all segments of Indian society greater consumer choice and resultant lower price.

India enjoyed an $810 million trade surplus with the US in agricultural products in 2002, he pointed out.

Blackwill hoped India will give serious attention to the US proposal made in the WTO that would eliminate export subsidies and limit all trade-distorting domestic supports and input subsidies to five per cent of a country's agricultural production.

He said this would result in average agricultural tariffs around the globe falling from 62 per cent to 15 per cent and an overall reduction of over $100 billion of trade distorting price supports in the agricultural sector.

The US 'National Security Strategy' document describes India as a growing world power, he added.

Source: PTI
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