President Trump Confirms Progress Continues
US President Donald Trump announced that the moment is now appropriate for a trade deal with India. Trump noted that there are good discussions going on and that both nations are near to signing a deal. Trump made these comments while talking to reporters on board Air Force One on Friday (local time).
Discussions Centered Around Tariffs and Cooperation on Trade
The US has already imposed tariffs of about 26 percent on Indian products. India, however, has decided to seek a trade pact instead of retaliatory tariffs. Trump said talks were ongoing aimed at fixing these tariff disputes. He added that increasing tensions between India and Pakistan could influence American interest in the pact. The Pakistani delegation is also set to travel to Washington next week for trade talks.
First Phase of Agreement Already Underway
The first phase of the bilateral trade negotiations has already begun. Indian Minister of Commerce and Industry Piyush Goyal recently met with US Commerce Secretary Howard Lutnick. Their target is to wrap up the first phase of the agreement within September or October this year. The key areas on which they are negotiating are:
- Access to one another's markets
- Use of domestic regulations
- Restrictions on tariff exemptions
India's Diplomatic Approach
The US imposed tariffs on several nations in April. In a reaction, the US declared a halt to the implementation of these for 90 days. Some nations decided to retaliate, while India worked on creating a trade agreement. In his latest US tour, Prime Minister Modi endorsed this move. Top leaders from both nations decided to proceed with an agreement founded on mutual interests.
Tags Cloud
