The US on Wednesday called for stronger energy ties with India, hinting at the possibility of reducing trade and investment barriers between both the countries.
Speaking about the free trade agreement (FTA) while addressing the media at the India Energy Forum by CERAWeek, US Energy Secretary Dan Brouillette said, “These types of agreements have opened up new opportunities for us. We can reconcile some of our laws here in the United States and India is going to reconcile some of its laws so that investors have certainty on both sides.
You will continue to see that develop over the course of time again as we deepen the relationship all throughout the government.” He said this strengthening of ties should also be in areas other than energy like commerce and agriculture among others.
Earlier this year, in July, Commerce and Industry Minister Piyush Goyal and the US Secretary of Commerce, Wilbur Ross, had discussed the possibility of an FTA agreement between both the countries, while contemplating a trade package with limited scope. The bilateral trade between the US and India grew from $126 billion in 2017 to $145 billion in 2019. The Indian government has already indicated that it is targeting it to be in the range of $500 billion in the next five years.
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