High-level Indian team in US for negotiations on trade deal: Report
&imwidth=600&imheight=450&format=webp&quality=medium "High-level Indian team in US for negotiations on trade deal: Report")
File photo of US and India flags on display at the Eisenhower Executive Office Building at the White House in Washington Photograph: (Reuters)
India’s merchandise exports to the US rose 21.78 per cent to USD 17.25 billion in April-May this fiscal year, while imports rose 25.8 per cent to USD 8.87 billion, said a PTI report. India and the US have agreed to expand bilateral trade to $500 billion by 2030.
A high-level team from India’s Commerce and Industry Ministry has reached Washington to carry on the negotiations for a bilateral trade agreement (BTA) with the United States, and the four-day discussions are to begin on Monday morning (US time). India’s chief negotiator, Rajesh Agrawal, who is special secretary in the Department of Commerce at Centre, will join the team on Wednesday, while the rest of the team is already on the ground to thrash out the preliminary agenda and procedural matters, said an ANI report.
The visit assumes significance as both sides have to iron out issues in sectors like agriculture and automobiles, and the US has postponed the imposition of additional tariffs on several countries, including India, until August 1.
On being asked if an interim trade deal can be expected before August 1, an official, seeking anonymity, said, “We are talking about a BTA. How it moves forward, whether there will be the first phase, second phase, whatever phase, will be mutually decided.”
“We are moving in terms of a BTA and we are looking for a mutually beneficial solution,” the official added.
Earlier, the Indian team was in Washington from June 26 to July 2 for negotiations.
India adopts hard stance on US demand for duty concessions on agri, dairy products
As per reports, India has hardened its position on the US demand for duty concessions on agriculture and dairy products. New Delhi has, so far, not given any duty concessions in the dairy sector to any of its trading partners in a free trade agreement.
Trending Stories
&im=FitAndFill=(700,400))
)
)
)
)
)
)
)
)
)
)
)
)
)
)
&im=FitAndFill=(700,400))
)
)
)
)
)
)
)
)
)
)
)
)
)
&im=FitAndFill=(700,400))
It is also seeking the easing of tariffs on steel and aluminium (50 per cent) and the auto (25 per cent) sectors. Against these, India has reserved its right under the WTO (World Trade Organization) norms to impose retaliatory duties.
US President Donald Trump announced heavy tariffs on a number of countries, including India, on April 2, but postponed them first for 90 days until July 9 and then recently to August 1.
The Trump administration has issued tariff letters to a number of its trading partners, including Bangladesh, Indonesia, Japan, South Korea, Malaysia, Thailand, South Africa, Bosnia and Herzegovina, Cambodia, Kazakhstan, Laos, Serbia, and Tunisia.
The US wants duty concessions on certain industrial goods, automobiles, wines, petrochemical products, and agri goods, like dairy items, apples, tree nuts, and genetically modified crops.
India is seeking duty concessions for labour-intensive sectors like textiles, gems and jewellery, leather goods, garments, plastics, chemicals, shrimp, oil seeds, grapes, and bananas.
The two countries are looking to conclude talks for the first tranche of the proposed bilateral trade agreement (BTA) by September-October this year but are looking for an interim trade pact before that. India’s merchandise exports to the US rose 21.78 per cent to USD 17.25 billion in April-May this fiscal year, while imports rose 25.8 per cent to USD 8.87 billion, said a PTI report.
India and the US have agreed to expand bilateral trade to $500 billion by 2030.
