Even in the corona crisis, India has the opportunity to become an important part of the supply chain but it will have to reduce tariffs and adopt more welcoming policies for foreign companies. So that the foreign companies can get more opportunities in India. This was remarked by a top diplomat of America.
Alice Wells, outgoing head of the State Department’s South and Central Asia Bureau, said bilateral trade between the two countries was a total record 150 billion dollars in 2019. But the US has concerns about a protected market for India that never gives suitable opportunities to foreign companies.
Wells further said that India and the US had made concerted efforts to finalize a limited trade deal before the country’s President Donald Trump’s visit to India in February, but there was no consensus on many issues. Prior to the visit, Trump had hoped for a trade deal by the end of 2020.
During an online briefing for journalists, Wells said she could not predict whether the U.S. trade representative and the Government of India would be able to finalize the agreement by this year. But incentives are very much necessary to achieve any trade deal. Wells further said that in recent weeks, India has supplied hydroxychloroquine and other medicines to dozens of countries, including the US, through commercial sales and grants. India had sent medical rapid response teams to several countries including Maldives and Kuwait and is an important step for India to win trust among other countries.
Wells has been very critical of the China-Pakistan economic corridor. She said China and Pakistan are not maintaining transparency in CPEC projects, which has angered the US and also from these two countries. So, India has the opportunity to turn this crisis into an opportunity. “I think it is a very great effort by India to diversify the supply and chain. ” Wells further said. This is a real moment of opportunity for India. She mentioned that India has the opportunity to invite foreign companies by adopting more open and welcoming policies and reducing tariffs.