No trade dispute between India, US: Piyush Goyal

Refuting claims of trade disputes between India and the United States, Commerce minister Piyush Goyal on Tuesday said that there is huge bilateral trade potential between the two countries.

New Delhi [India], Oct 15 : Refuting claims of trade disputes between India and the United States, Commerce Minister Piyush Goyal on Tuesday said that there is huge bilateral trade potential between the two countries.

"We don't have any dispute with the US. There are differences with the US which are there in any bilateral relation," Goyal said while speaking at third India Energy Forum CERAWeek 2019.

Since June, trade talks suffered a setback after Washington rolled back the privileges that New Delhi was enjoying under the Generalised System of Preferences program (GSP).

The GSP, implemented since 1974, is the largest and oldest US trade-preference scheme and it allows duty-free imports for thousands of products from designated beneficiary countries.

On its part, India had also imposed retaliatory tariffs on 25 American goods, after the Donald Trump administration announced an end to the preferential trade treatment for India over the trade barriers.

The commerce minister said that India has opened its marketed by allowing 100 percent Foreign Direct Investment.

"There is a lot of international investment and interest being shown in bringing in money and technology for India to produce more domestic gas. India has opened up its Foreign Direct Investment to almost all sectors, except for those which are a Security Concern or a National Policy concern," he said.

"There will be more FDI in the energy sector as 100 FDI is allowed in this sector and there is requirement of around 70 billion USD investment in India's energy sector which is on the cusp of a revolution as there is great demand for energy in India because the country hopes to achieve self-sufficiency in domestic production of the energy requirements for every household," he added.

( With inputs from ANI )