Washington DC [USA], Jun 13 : The United States is open to dialogue and India needs a mindset of moving towards an open economy, US Secretary of Commerce Wilbur Ross said in his address at a major India-centric summit orgsed by US-India Business Council here on Thursday morning.
Ross' remarks come close on the heels of the decision made by US President Donald Trump to end preferential trade treatment for India from June 5 over the trade barriers.
"Unfortunately, India could not provide assurance on our concerns and hence, Generalised System of Preferences (GSP) benefits were withdrawn", Ross said at his keynote address.
Stressing on how India's tariffs are significantly higher than the US, Ross said, "I also explained to Prime Minister Narendra Modi that the US Trade Representative will hold off on the GSP decision till the elections."
Ross also said the two democracies will continue to engage in talks to iron out issues that have strained trade relations between the two countries.
However, the Commerce Secretary lauded India and its efforts to improve ease of doing business.
"I will be visiting India again in the near future and I look forward to meeting Prime Minister Modi to enhance mutual investment potential," Ross said.
On Wednesday, Secretary of State Michael Pompeo had said that the US is open for a dialogue to resolve trade differences with India.
"It's a partnership of equals is how we see it. In my upcoming visit, we will probably discuss the GSP decision." Pompeo had said during his address at the US-India Business Council ahead of his visits to India, Sri Lanka, Japan and South Korea later this month.
"We remain open to dialogue, and we hope that our friends in India will drop their trade barriers and trust in the competitiveness" of their own compes, he had added.
( With inputs from ANI )