U.S. Commerce Secretary Wilbur Ross says American technologies and expertise can play an important role in developing India’s economy, but are facing significant barriers to accessing its markets.
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Ross told a gathering of business leaders in New Delhi on Tuesday that foreign companies are at a disadvantage due to India’s tariff and non-tariff barriers and myriad regulations.
Ross said India is the world’s third largest economy but the 13th largest export market for the U.S. due to overly restrictive market access barriers.
He noted that India’s average applied tariff rate is 13.8%, the highest of any major world economy.
India’s Commerce Minister Prabhu said India would like to work with the United States to resolve such issues in a way that benefits both countries.
