Ahead of Prime Minister Narendra Modi’s visit to the US, the Commerce Ministry on Tuesday said bilateral trade was a “win-win” situation for both the countries even though the balance of trade was not in America’s favour.
The US had started a review of its trade policy with countries with which it has adverse trade balance; Commerce Secretary Rita Teaotia told the media here.
“India is 9th on that list… but we are confident that Indian exports to the US are a win-win for both the countries,” she said.
“Our products are cheaper, while the Indian information technology supports the American industry to be much more competitive,” she added.
The officer said that where the US government procurement rules required so, Indian companies, like in the pharmaceuticals sector, had set up plants in the US.
“On the other hand, many US companies find it profitable to serve from India and they have thus set up base here,” Commerce Minister Nirmala Sitharaman said, citing the latest agreement by a US major to manufacture fighter aircraft in India.
Lockheed Martin and Tata Advanced Systems Limited on Monday signed an agreement to produce the F-16 Block 70 fighter jet aircraft in India.For all the latest Business News, download NewsX App