India-US trade deal enters fine-tuning stage as most talks conclude, says Piyush
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India and the US are refining their bilateral trade agreement after concluding most discussions on the deal. Commerce Minister Piyush Goyal indicated significant progress has been made towards finalizing the agreement. Recent talks have involved high-level meetings between officials from both nations, focusing on tariff reductions and trade frameworks. Goyal is currently leading a significant delegation to the Netherlands and Germany to promote bilateral business ties.
India and the US have concluded most of the discussions for a proposed bilateral trade pact, and they are now fine-tuning the agreement, Commerce and Industry Minister Piyush Goyal said on Monday.“We have concluded most of the discussions and are fine-tuning the agreement,” he said in The Hague while talking about the India-US trade agreement. The minister is in the Netherlands on an official visit, accompanying a business delegation.
Also read: ‘It's never done till it's done’: Jaishankar on India-US trade deal
Addressing the India-Netherlands Business Forum, he said India has concluded nine free trade agreements in the last four and a half years, according to PTI.
India and the US announced in February the finalisation of the framework for the first phase of the bilateral trade agreement (BTA). However, changes in the tariff landscape in the US have led to further negotiations on the pact.
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Under the framework announced on February 7, the US cut the tariff on Indian goods to 18 per cent from 50 per cent, Goyal had said at the time. Tariffs on generic pharmaceuticals, gems and diamonds, and aircraft parts are to go down to zero once the interim agreement is concluded, according to the joint statement.
In return, India will eliminate or reduce tariffs on all US industrial goods and a wide range of US food and agricultural products, such as dried distillers’ grains, tree nuts and fruit. Goyal had said the interim agreement fully protects the interests of Indian farmers.
India has also said it intends to buy $500 billion worth of US energy products, aircraft and aircraft parts, precious metals, technology products and coking coal over five years. The two sides have also agreed to increase trade in technology products, including GPUs and other goods used in data centres.
The framework also covers non-tariff barriers. India has agreed to address barriers to trade in US medical devices and to remove restrictive import licensing for US information and communication technology products. Both sides have committed to tackling barriers to digital trade as well.
The legal agreement was expected by mid-March, according to a PTI report. After the US Supreme Court’s verdict against tariffs, the two sides have continued negotiations. The joint statement allows either country to modify its commitments if the other changes the agreed tariffs, PTI reported.
Goyal met US Trade Representative Jamieson Greer on the sidelines of the G20 Trade Ministerial in Milwaukee on October 1 and called the talks “productive”. A team led by Commerce Secretary Rajesh Agrawal then held talks with US officials in Washington from October 15 to 17, according to a government statement.
Also read: India-US ties shift to deal-making as Trump's Iran policy looms
Goyal is leading a delegation of around 100 businesses and startups to Germany and the Netherlands, the Commerce Ministry said. He is in the Netherlands from October 24 to 27.
The business forum was held alongside the Dutch Minister for Foreign Trade and Development Cooperation. It was followed by six sectoral roundtables and business-to-business sessions on sectors including agri-food and food processing, high technology and innovation, sustainability and renewable energy, and logistics and supply chain.
The delegation visited the Port of Rotterdam on October 25. Goyal is also scheduled to hold bilateral meetings with the Dutch ministers for economic affairs and climate, and for foreign trade and development cooperation.
(With inputs from PTI)
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Figures reflect the source report and its stated period. This article is for information and is not investment advice.
