February 7, 2002
'16'
US DEPUTY SECRETARY OF TREASURY CALLS ON MARAN
Mr. Kenneth Dam, US Deputy Secretary of the Treasury, called on Shri Murasoli Maran, Minister of Commerce and Industry, here today. Mr. Dam, who was accompanied among others by the US Ambassador Blackwill, said the United States (US) was keen to enhance the trade dialogue with India both at bilateral and multilateral levels. The discussions focussed on issues of interest to both sides with a view to promoting robust growth in Indo-US trade and business relations. Mr. Dam emphasised in particular the US desire to promote closer cooperation with India in WTO negotiations, post-Doha, in view of similarity of concerns in many areas between the two countries. Stressing the need for better market access, Shri Maran urged that market access concessions in textiles given recently by the US to some other trading partners be extended to India and also pointed out that reduction in peak tariffs and tariff escalations would be in the interest of both the developed and the developing countries. Mr. Dam conveyed the US interest in promoting cooperation with India in the financial sector, including liberalisation of financial services.
On the issue of soda ash, the Indian side informed that the ANSAC petition before MRTPC for vacation of interim injunction and termination of proceedings based on restructuring of ANSAC operations in respect of their exports to India had now been adjourned to 13th and 14th of this month.
The US is currently India’s largest trading partner and leading export destination. The current trend of India’s exports to the US has turned positive after a negative trend for some months with India’s exports to the US in November 2001 (as per US Customs) estimated at US $ 739.27 million as against US $ 701.16 million in November 2000, thereby showing an increase of 5.43%. This was a welcome trend, Shri Maran said. Indo-US trade volume was US $ 14.35 billion in 2000.