Kenneth Juster, a top economic adviser and one of the prime architects of the remarkable Indo-US civil nuclear agreement, stated that eradicating trade impediments would definitely boost the process of raising ties between India and US.
Juster said that America has to “push a range of economic issues, including standard and non-tariff barriers and intellectual property” with India, during a congressional meeting in response to a query from the Senator, Rob Portman.
"There is enormous potential in the economic sphere, but we have only begun to scratch the surface. We need to continue pressing forward to make sure that India adheres to its WTO (World Trade Organisation) obligations," Juster notified members of the Senate Foreign Relations Committee.
The President Trump’s 62-year-old nominee is of the opinion that, there will be a scope of greater interest in the protection of intellectual property, as most of the entrepreneurs in India, grow intellectual property by their own.
Juster also mentioned that he would be a profound advocate for the US’ undivided attention in India, if permitted by the Senate.
In the long run, he anticipated that the economic relationship would be viewed as a strategic asset and a tool that would be a backbone to the overall strategic partnership and something that is majorly in the concern of both the countries.
"As Prime Minister (Narendra) Modi moves forward with his reform programmes and as he seeks to have a high level of growth, it will become increasingly clear that US companies can contribute to that. Removing some of these trade barriers would be an accelerator in the growth process," Juster stated.
"When I was a US Trade representative we did start a US- India trade policy dialogue in 2005. Since then we have tripled our trade with India. It was such a low starting point that there is much more to be done," he added.
Portman arrived at a decision that there is a need for a balanced, fair and free trade.
"I do continue to have deep concerns about market access to some of our products and services and specifically the intellectual property," the Senator mentioned.
Chairman of the Foreign Relations Committee, Senator Bob Corker, put across his frustration over the slow-moving Indian reforms in the economic sphere.
“American companies continue to face barriers in accessing the Indian market, including high tariffs and strict localisation policies," he said.
He mentioned that, there are compulsory licensing restrictions and heedless intellectual property protections for the companies that are allowed to enter the Indian market.
“Clearly, the economic playing field is not even," Corker claimed.