Expressing concern over slowdown of trade with India, United States on Wednesday said bilateral trade could go up by a further $38 billion by 2015 if India accelerated its economic reforms to match the US endeavour.
Stating that US tariffs on exports from India are expected to be phased out at least on 85 per cent of Indian products by 2015, US Assistant Secretary of Commerce for Market Access and Compliance William H Lash said India should also reciprocate by reducing its tariff in line with World Trade Organisation stipulations.
Lash said Indian exports to US currently stood at $14 billion as against its imports of $3.5 billion from US.
"We believe that the Doha round of WTO negotiations has provided a great potential for trade between the two countries", Lash said, adding that India should bring down its tariff level on medicines and medical equipment which were as high as 51 per cent.
"This will help in bringing down the medical bills for the patients in India," he said.
Lash said he has had detailed discussions with finance, commerce, textile, agriculture and the chemical and fertiliser secretaries besides meeting the representatives of various trade bodies.
He said they agreed on the need for transperancy and further cooperation in the various sectors to boost trade and commerce between the two countries.
The US assistant secretary said he had come with a request from the US manufacturers and other bodies to raise the issue of high tariff barriers on life savings drugs and medical equipment with the Indian government.
In reply to a query, Lash said US textile exports to India stood at around $23 million as against over $41 million of imports from India.
He sought permission from New Delhi to allow self-certification of textile dyes used by US textile producers to enhance textile exports to India.
On subsidies, Lash said he had pointed out to the Indian officials that a large chunk of fertiliser subsidies were going for fertiliser processers than to the Indian farmers themselves.
Lash called for patience while sorting out the trade related problems between the two countries.
