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India, US trade negotiations going in full speed:Nirmala Sitharaman

Munchin:20/10/19:Finance Minister Nirmala Sitharaman has said that negotiations between India and the US on a trade deal are going in full speed. She also expressed hope that an agreement will be structured soon. The ongoing trade deal negotiations briefly came up for discussion during a pull-aside between Mrs Sitharaman and US Treasury Secretary Steven Mnuchin at the IMF headquarters. Mnuchin is scheduled to visit India early next month.

India is demanding exemption from high duties imposed by the US on certain steel and aluminium products under its Generalised System of Preferences (GSP). India also wants to greater market access for its products from sectors, including agriculture, automobile, auto components and engineering.

On the other hand, the US wants greater market access for its farm and manufacturing products, dairy items and medical devices, and cut on import duties on some ICT products. The US has also raised concerns over high trade deficit with India.

In 2018-19, India’s exports to the US stood at 52.4 billion US Dollars, while imports were 35.5 billion US Dollars. Trade deficit dipped from 21.3 billion US Dollars in 2017-18 to 16.9 billion US Dollars in 2018-19.

Responding to a question, Mrs Sitharaman said a totalisation agreement with the US has always been on the cards.

Totalisation agreement seeks to eliminate dual taxation with regards to social security and medicare taxes in the United States.

About Ashok Palit

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.

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