Hanspat rai, Monument in Aurangabad, India

New Delhi [India], June 23 : Union Commerce and Industry Minister Piyush Goyal on Friday highlighted the resolution of six outstanding World Trade Organisation (WTO) disputes between the US and India through mutually agreed solutions as jointly communicated by Prime Minister Narendra Modi and US President Joe Biden during the former's ongoing, maiden official State visit to the country.Speaking to media persons in the national capital, the minister lauded the "visionary leadership" of the leaders of both countries in taking this historic decision, which enhances the trust and partnership between the two countries.According to a statement issued by the US Trade Representative's office, India and the US have agreed to resolve six outstanding disputes at the WTO."Coinciding with Prime Minister Narendra Modi's state visit, the US has reached an agreement with India to resolve several key trade issues, including the termination of six WTO disputes and India's removal of retaliatory tariffs on certain US products," it said.The statement was issued after a meeting between Prime Minister Narendra Modi and US President Joe Biden in Washington on Thursday."The six trade disputes that will be terminated are as follows: three of them have been filed by India against the USA namely, Countervailing Measures on Certain Hot-Rolled Carbon Steel Flat Products from India (DS436); Certain Measures Relating to the Renewable Energy Sector (DS510); and Certain Measures on Steel and Aluminum Products (DS547). While the other three disputes, which have been filed by the USA against India are: Certain Measures Relating to Solar Cells and Solar Modules (DS456); Export Related Measures (DS541), and Additional Duties on Certain Products from the United States (DS585)," the statement quoted the Union minister as saying.Goyal added that India and the US have actively engaged in discussions during the last two years to terminate these six outstanding disputes at the WTO."These disputes have been filed by India and the US over a decade, representing certain key sectors of the economy such as steel, aluminium, renewable energy, solar products, and certain key export-related measures. This Mutually Agreed Solution (MAS) negotiated by both sides marks the culmination of protracted negotiations, and it is unprecedented in WTO history," he added.As a part of the agreement, the US has agreed to grant market access to steel and aluminium products under the exclusion process of Section 232 of the Trade Expansion Act 1962.India has agreed to remove the additional duty such as retaliatory tariffs on certain products.However, the prevailing basic import duty on these products applicable to all imports will continue."This market access will restore opportunities for Indian steel and aluminium exporters, which were restricted since June 14, 2018, because of the US 232 measure under which additional duties of 25 per cent and 10 per cent were levied on steel and aluminium products respectively," the statement quoted the Union minister as saying."As part of the market access, going forward, the US Department of Commerce will clear 70 per cent of steel and 80 per cent of aluminium applications for products originating in India," he added.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Hanspat RaiFOLLOW

Hanspat rai, Latest News

Poonch (Jammu and Kashmir) [India], June 24 : The Army on Saturday opened fire after noticing suspicious movement along ... ...

Washington DC [US], June 24 : White House National Security Council (NSC) Coordinator for Strategic Communications, John Kirby said ... ...

Shimla (Himachal Pradesh) [India] June 24 : The Congress on Friday paid tribute to former Himachal Pradesh Chief Minister ... ...

New Delhi, June 23 To facilitate Indian drone makers to access larger markets and compete on a global ... ...

Hyderabad, June 23 A controversy has erupted over the omission of the words 'Secular' and 'Socialist' from the ... ...

Ahmedabad (Gujarat) [India], June 23 : The Metropolitan Court of Ahmedabad on Friday held a hearing on the defamation ... ...

Bangkok, June 23 Despite their valiant effort, India suffered a 4-8 loss against Japan in their last Group ... ...

New Delhi [India], June 23 : Union Commerce and Industry Minister Piyush Goyal on Friday highlighted the resolution of ... ...