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US peeved over India's trade surplus

September 16, 2004 17:23 IST

Raising concerns over India's slow pace of trade liberalisation, the United States said on Thursday that it was apprehensive about India's surplus in bilateral trade.

Alan Larson, US under secretary of state (economic-business) said, "The imbalance in our trading relationship continues to expand and India's trade surplus with US has more than tripled in the last decade and is likely to top $10 billion this year".

"Because India has only slowly opened its market to the outside world, this growing imbalance raises concerns in the US government and in American industry about India's commitment to ensure there is a level playing field," he said at the Indo-US Economic Summit in Mumbai on Thursday.

Indian merchandise exports to the US were stood at $13 billion in 2003 and were likely to reach $15 billion in 2004. At the same time, American exports to India have not fared well and have languished at $3-4 billion a year since 1995, he added.

Countering the US view, Union Minister of State in Prime Minister's Office Prithviraj Chavan said, "The country is committed to reforms including FDI (foreign direct investment) and has honoured all international commitments and will continue to do so."

India also has concerns about certain US policies, including free movement of persons, restrictions on high technology exports and pharmaceuticals, Chavan added.


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Number of User Comments: 5




Sub: We are also annoyed

Dear Hew Hess Hay, we are also unhappy (not "peeved") that you are a richer country than ours. How about a swap? It may be ...


Posted by Dr T S Raman





Sub: What about China?

China's trade surplus is $120 billion and is massive as compared to India. US should first fix that.


Posted by Lyres





Sub: Trade Surplus

Mr. Larson forgot one important aspect in trade surplus with India. Indian export to India climbed only around 4 Billion not as the Under Secretary ...


Posted by rajasunder





Sub: the results of double standards

the result of double standards is finally showing up on america. they have always safeguarded their interests giving a damn to the world. times are ...


Posted by PANKAJ





Sub: India's trade surplus with US

It should a great benchmark to view India's growing trade surplus with US vis-a-vis China. The apprehension US has about the trade surplus can't be ...


Posted by Lohit Bhatia




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