Thursday, Senate Finance Committee Chairman Orrin Hatch (R-Utah) and Ranking Member Ron Wyden (D-Ore.) along with House Ways and Means Committee Chairman Paul Ryan (R-Wis.) and Ranking Member Sander Levin (D-Mich.) issued the following joint statement regarding the International Trade Commission’s (ITC) investigation into India’s policies that discriminate against U.S. trade and investment:
“The ITC has produced an in-depth study that contributes significantly to our understanding of India’s current trade and investment practices, including in the areas of foreign direct investment, tariffs and customs procedures, local content and localization requirements, standards and technical regulations, and intellectual property rights. This important report reaffirms that, while there have been some positive developments since the Modi Administration began, significant concerns remain, and it is not yet clear whether policies that negatively affect foreign trade and investment are in fact headed towards much-needed reform.
“It is apparent from this report that there is room for the United States and India to continue to work together to improve our bilateral trade and investment relationship. Prime Minister Modi’s stated commitment to implementing economic reforms in India has been a welcome step forward in this endeavor. If successful, these reforms could yield significant positive results in several areas highlighted by this investigation and create ample opportunity for American job creators, workers, and entrepreneurs in the Indian market.
“As we continue with our efforts to further strengthen the U.S.-India bilateral bond, we urge the Indian government to hasten the implementation of its reforms and address the concerns detailed in this latest investigation.”
