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AMAZON.COM

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Pompeo to push in India for more U.S. access to local markets

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06/13/2019 | 12:26am EDT
FILE PHOTO: FILE PHOTO - A worker sits on a ship carrying containers at Mundra Port in the western Indian state of Gujarat

WASHINGTON (Reuters) - The United States is open to dialogue to resolve trade differences with India by allowing American companies more access to Indian markets, U.S. Secretary of State Mike Pompeo said on Wednesday ahead of a visit to New Delhi later this month.

Pompeo's remarks at the U.S.-India Business Council refer to a decision by U.S. President Donald Trump to end preferential trade treatment for India from June 5 over the trade barriers.

"We remain open to dialogue, and we hope that our friends in India will drop their trade barriers and trust in the competitiveness" of their own companies, Pompeo said ahead of his June 24-30 travels to India, Sri Lanka, Japan and South Korea.

"We'll also push for the free flow of data across borders – not just to help American companies – but to protect data and ensure consumer privacy.

He added: "And speaking of privacy, we are eager to help India establish secure communications networks – including 5G networks."

The privileges come under the General System of Preferences, or GSP, which had been allowing preferential duty-free imports of up to $5.6 billion (£4.4 billion) a year into the United States from the South Asian nations. India is the biggest beneficiary of the GSP programme.

Washington has been particularly annoyed by India's tightening of regulations that have undermined major U.S. companies but favoured domestic entities in the past year. In particular, tighter e-commerce rules that came in earlier this year hurt Amazon.com Inc and Walmart Inc, which last year bought Indian online retailer Flipkart for $16 billion.

(Reporting by Lesley Wroughton; Editing by David Gregorio)

Stocks treated in this article : Wal-Mart Stores, Amazon.com
Stocks mentioned in the article
ChangeLast1st jan.
5G NETWORKS LIMITED -6.93% 0.94 End-of-day quote.140.48%
AMAZON.COM 0.57% 1777.43 Delayed Quote.18.34%
WALMART INC. -0.09% 119.42 Delayed Quote.28.32%
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Financials (USD)
Sales 2019 279 B
EBIT 2019 14 832 M
Net income 2019 11 764 M
Finance 2019 33 901 M
Yield 2019 -
P/E ratio 2019 75,5x
P/E ratio 2020 53,1x
EV / Sales2019 3,03x
EV / Sales2020 2,50x
Capitalization 879 B
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Mean consensus BUY
Number of Analysts 50
Average target price 2 263,07  $
Last Close Price 1 777,43  $
Spread / Highest target 47,1%
Spread / Average Target 27,3%
Spread / Lowest Target -16,7%
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Managers
NameTitle
Jeffrey P. Bezos Chairman, President & Chief Executive Officer
Brian T. Olsavsky Chief Financial Officer & Senior Vice President
Patricia Q. Stonesifer Independent Director
Thomas O. Ryder Independent Director
Jonathan Jake Rubinstein Lead Independent Director
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