‘To be signed at right time’: India-US trade deal framework ‘ready’, says official
Trade between India and the US continues to expand, while India's imports of energy from the US have also been increasing. India eyeing competitive advantage
Trade between India and the US continues to expand, while India's imports of energy from the US have also been increasing. India eyeing competitive advantage Section 301 in spotlight When will the India-US trade deal be signed? Negotiations between India and the US on a trade agreement are moving ahead smoothly, with the framework deal now ready and awaiting signing at an appropriate time, an official said on Monday.The official said India is seeking a tariff structure under the proposed agreement that provides it with a comparative advantage over competing countries."There was a very good discussion (with the US team). The framework deal is ready...whenever there is right time, it will be signed. We are negotiating a framework deal and a bilateral trade agreement (BTA), and both things are progressing well," the official said according to a PTI report.Last month, Commerce and Industry Minister Piyush Goyal and US Trade Representative Jamieson Greer held bilateral discussions in India on issues related to the first phase of the proposed bilateral trade agreement.According to the official, trade agreements are fundamentally aimed at securing preferential market access and creating a comparative advantage."So that is something which is getting structured, whenever it is ready, things will be signed.But we are on a safe way, our understanding is safe, both sides are very clear what is there in the framework deal, what is being negotiated under BTA, and we are progressing there," the official, who does not wish to be named, said.The official also clarified that there are no differences between the two sides and that the negotiations are not facing any challenges.Trade between India and the US continues to expand, while India's imports of energy from the US have also been increasing."So there is no negativity or any sort of differences between India and the US.
Both sides know each other's expectations, both sides know what is coming in the framework deal, and both sides know what is beyond the framework deal that is being negotiated between the two sides," the official added.Separately, Goyal dismissed a media report concerning the proposed India-US trade agreement. He said negotiating teams from both countries remain fully engaged in working towards a pact that is balanced, commercially meaningful and beneficial to businesses, farmers, workers and consumers."Both sides reaffirmed their commitment to an agreement that is balanced, commercially meaningful, and delivers tangible benefits for businesses, farmers, workers, and consumers in both countries."Our teams remain fully engaged in achieving this objective," Goyal said in a social media post.On June 2, the USTR released its findings from the forced labour investigation and proposed additional tariffs on imports from the 60 economies under review.Under the proposal, imports from Canada, Ecuador, the European Union, Indonesia, Mexico and Pakistan would attract a 10 per cent tariff, while imports from the remaining 54 economies, including India and China, would face a proposed tariff of 12.5 per cent.
The BriefWire