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India, U.S to explore 0% tariff idea
By agencies
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Friday, 20 May 2005, 19:30 IST
LUDHIANA: Moving towards zero percent tariff in WTO regime, India and U.S. have decided to explore the possibility of fixing zero percent tariff in some sectors like auto, textile, gems, leather, pharmaceuticals and equipment manufacturing with an objective of scaling up the bilateral trade between the two countries.
"In a bid to push up the bilateral trade, India and U.S. governments will explore the options for going for zero percent tariff in certain sectors such as auto, textile, gems, leather, pharmaceuticals and equipment manufacturing," Lee A Brudvig, Minister Counselor (Economics), U.S. Embassy said.
Elaborating on another initiative taken by both the countries for enhancing the trade relations, Lee said, "We have formed a forum called CEO (Chief Executive Officer) Forum involving 10 CEOs of globally recognized companies. This forum, which will be an independent body, will explore the investment opportunities in India in retail and banking sectors.
"Similarly in India, an investment commission has also been formed which will be headed by Ratan Tata. Through such initiatives, issues will be identified which have turned out to be impediments in the smooth trade relations between two countries," he said.