A day after India imposed higher retaliatory tariffs on 28 US products, a top Indian official has said that the country will continue to engage with US and there will be active cooperation on a range of issues which are important from each other's perspective.
"When India imposed those retaliatory tariffs, it was not a sudden action. The move was notified last year and India was extending it, so we should not read too much into it," says Alok Vardhan Chaturvedi, Director General of Foreign Trade.
Regarding exports to China and the US, Chaturvedi said the country was working on a strategy to find niche areas in China and the US where exports could be increased. "In some places in China where we do not have market access, we are negotiating it, we are in touch with Chinese authorities so that we can export our commodities," he said.
In an interview with CNBC-TV18, Chaturvedi, also shared his views on the Kimberley Process 2019. The KP is going through a reform process and as its chair this year, India will pay a crucial role in decision making, he said,
KP is a global initiative to remove conflict diamonds from the supply chain. It is a joint initiative of different countries, industry and civil societies to control flow of conflict diamonds, which are used by rebel movements to finance wars against legitimate governments in the world.
"India is the chair this year and that is a significant role. Last year it was European Union and next year it will be Russian Federation. India is a significant player in the diamond business. Wherever diamond is produced, it comes to India for cutting and polishing. Its employment potential is huge. So, this whole conference is very important from India's perspective," he opined.