Overview of Current Discussions on Trade
The US Trade Representative, Jamieson Greer, reported that India has made solid trade offers as part of the current bilateral trade negotiations. He further noted that both countries are working on increased access to India's agricultural market and the reduction of existing barriers. Greer provided these details to a Senate Appropriations Subcommittee hearing, adding that progress is also better in the current talks than compared with previous administrations.
US Delegation and Market Considerations
Greer said a team of US trade officials is currently negotiating in New Delhi. He said India could be an important alternative market at a time when American products are under heavy pressure in the Chinese market. US Deputy Trade Representative Rick Switzer is leading the discussions in Delhi.
Tariffs and Previous Meetings
The US currently imposes a 50 percent tariff on Indian exports, and this round of talks marks the second meeting since that tariff decision. A previous meeting was held on September 16, which was followed by a visit from India’s Commerce and Industry Minister Piyush Goyal to the US on September 22.
Anticipated Timeline for the Trade Deal
Commerce Secretary Rajesh Agarwal has recently estimated that the first phase of the trade agreement may be sealed within this calendar year. He informed that the pact is likely to touch upon tariff issues to facilitate Indian exporters. After this initial pact, both the countries intend to reengage in negotiations toward a full trade agreement with the objective of completely addressing tariff difficulties.
Value of Bilateral Trade and Further Aims
Currently, the bilateral trade between India and the US stands at $191 billion. The aim of both countries is to increase this to $500 billion by 2030.
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