Goyal likely to hold meeting with US Commerce Secy Ross on Jul 14 via video conferencing

Commerce and Industry Minister Piyush Goyal is likely to hold a meeting with US Commerce Secretary Wilbur Ross through video conferencing on July 14 to discuss ways to promote bilateral investments and economic ties, a source said.

Commerce and Industry Minister Piyush Goyal is likely to hold a meeting with US Commerce Secretary Wilbur Ross through video conferencing on July 14 to discuss ways to promote bilateral investments and economic ties, a source said. The US-India CEOs forum is also expected to hold a meeting on July 14, the source added.

Last month, Goyal had stated that he and Ross will be meeting businessmen of both the countries sometime in the middle of July. In the meetings, the US firms may flag issues related to India's decision to impose 2 per cent equalisation levy on foreign e-commerce entities.

They had earlier also raised issues with regard to India's draft e-commerce policy. The meeting also assumes significance as both the countries are negotiating a bilateral trade deal to boost two-way commerce.

The US is India's largest trading partner. In 2018-19, India's exports to the US stood at USD 52.4 billion, while imports were at USD 35.5 billion. Trade deficit dipped from USD 21.3 billion in 2017-18 to USD 16.9 billion in 2018-19.

India received foreign direct investment (FDI) of USD 4.22 billion from the US in 2019-20 as against 3.13 billion in 2018-19..