US commerce secretary Wilbur Ross speaks at the 11th Trade Winds Business Forum and Mission hosted by the US Department of Commerce, in New Delhi, India, Tuesday, May 7, 2019. Top executives of more than 100 U.S. companies are visiting India to meet with government leaders, market experts and potential business partners to boost reciprocal trade. (AP Photo/Manish Swarup)

US commerce secretary urges India to open markets further

May 07, 2019 - 5:43 am

NEW DELHI (AP) — 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.

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.

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