India–US pact signals new chapter in economic cooperation
New Delhi, June 24: India and the US are very close to an interim trade agreement. Negotiations now hinge on tariff benefits, market access, and the July 24 deadline for Washington’s temporary 10 percent import duty.
India and the US reviewed key issues of the proposed bilateral trade agreement (BTA) at a two-day ministerial meeting held at the Commerce Building in New Delhi. These issues included improved market access, digital trade, and reducing non-tariff barriers. The meeting was held between Union Commerce and Industry Minister Piyush Goyal and US Trade Representative Jameson Greer. The main focus of the talks was on ways to finalize an interim agreement, which would be a significant step towards a comprehensive BTA.
During the meeting, both sides held extensive discussions to finalize negotiations before the February 24th expiration of the temporary 10% tariffs imposed by the US on all its trading partners. These tariffs will expire on July 24th. The framework for this agreement was announced in February this year.
According to Union Commerce and Industry Minister Piyush Goyal, a round of meetings concluded this morning with US Trade Representative Ambassador Jameson Greer and his delegation. Goyal said, “We reviewed the progress of the ongoing India-US trade talks and discussed ways to further strengthen our economic partnership.” He added, “I commend Ambassador Greer’s leadership and the continued efforts of both teams, which have moved our discussions forward in a constructive and forward-looking manner.”
According to a senior US official, the US and India are “very close” to finalizing a historic bilateral trade agreement. He stated that this agreement will open the Indian market, with a population of 1.4 billion, to US goods on mutually beneficial terms.
