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- Indian Prime Minister will meet US President on the sidelines of the G-7 Summit in France.
- The two leaders are expected to hold talks to resolve the differences over trade and investment.
- India and the United States has differences over issues such as trade imbalance between India and the US.India’s exports to the U.S. in 2017-18 stood at $47.9 billion while imports were at $26.7 billion.The trade balance is in favour of India.
- India has also imposed long pending retaliatory tariffs on 29 US products after US had withdrawn Generalized system of preferences(GSP) for Indian exporters.
- GSP is a preferential tariff system extended by developed countries to developing countries.It is a preferential arrangement in the sense that it allows concessional low/zero tariff imports from developing countries.
- India has also dragged the U.S. to the World Trade Organisation (WTO) dispute settlement mechanism over the imposition of import duties on steel and aluminium.
- Further,there are other issues such as (a)India’s new rules on e-commerce that affected firms such as Amazon and Walmart and (b)Data localisation rules which forced foreign companies to store their data locally.
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