India says US can increase aircraft, oil & gas exports
India has identified aircraft, oil and gas, and services related to aircraft as areas where the US can increase its exports to India while food, pharma and marine products are among the segments where the country can target abigger pie of the US market.
India has done the exercise in a move to improve trade from both countries as the two have been embroiled in a series of trade spats and are in talks to resolve those issues. “We have done a preliminary exercise and suggested that aircraft, oil and gas, and services related to aircraft where US exports could increase and it has increased,” said an official. India’s exports to the US in 2017-18 amounted to $47.9 billion, while imports were $26.7 billion. US wants the trade to be more evenly balanced.
These areas will help improve trade in the medium term and the government is in the process of identifying areas to expand trade. “We have been discussing a trade package of mutual concerns. There is no such trade agreement as a free or preferential trade pact,” the official said. Gems and jewellery, apparel, pharmaceuticals are India’s major exports to the US while mineral fuels, aircraft and its parts, nuclear reactors and edible nuts are the key items of import from America. However, in the first six months of the year, US exports to India have risen 28% on year, officials said. India has maintained that the two sides have not fixed a target to bridge the trade gap as both countries have a limited ability to commit a trade value for future years as most trade would be done by private parties.