Connect with us

Economy

After Two Years of Intense Negotiations, India-US Closing On Trade Deal

Published

on

India and the US are closing in on a trade deal after nearly two years of intense negotiations. A trade deal between India and the US has been in the making since 2018 and after two years both countries seem to have agreed on a final deal.

Speaking at the virtual U.S.-India Business Council’s India Ideas Summit, Piyush Goyal, India’s Commerce Minister said that pending matters built up in the last couple of years between New Delhi and Washington need to be moved aside quickly.

India is seeking concessions for generic drugs it exports to the United States in return for opening its dairy markets and slashing tariffs on farm goods as the two sides seek to clinch a new trade accord, three sources told Reuters.

They have been negotiating a limited trade pact aimed also at restoring zero tariffs on a range of Indian exports to the United States under its Generalised System of Preferences (GSP), from which the Trump administration withdrew last year, citing lack of reciprocal access to Indian markets.

Goyal also said that until a free trade agreement is established, India and the US should look at a preferential trade deal agreement.

“We believe we should also look at an early harvest in the form of a preferential trade agreement rather than waiting for the gains of a free trade agreement, which can take several years to conclude,” he said.

Negotiations between New Delhi and Washington had initially hit a speed bump because of the COVID pandemic. The US remains India’s largest trading partner, with bilateral trade touching $88.75 billion in the 2019-2020 financial year.

Advertisement
Advertisement

Facebook

FEATURED

Japan-Russia Japan-Russia
Asia Pacific1 hour ago

Russia, Japan Tensions Set To Explode; Moscow To Deploy S-300 Missiles In The Disputed Kuril Islands

Another round of discord may erupt between Russia and Japan over the long-disputed Kuril islands (known in Japan as the...

Pakistan-FDI-china Pakistan-FDI-china
Americas4 hours ago

Pakistan, China ‘Seriously Concerned’ After India Signs Geospatial Pact With The United States

With BECA (Basic Exchange and Cooperation Agreement) India received a massive boost to access American capabilities including geospatial intelligence for...

TURKEY TURKEY
Featured4 hours ago

Turkey Aghast As French Magazine Charlie Hebdo Publishes ‘Loathsome Caricature’ Of Erdogan

Turkey has denounced French weekly magazine Charlie Hebdo for publishing “loathsome so-called caricatures” purportedly of President Recep Tayyip Erdogan. “Charlie...

Putin-Macron Putin-Macron
Americas14 hours ago

From Rafale Jets To Airbus – How Will Turkey, Qatar & Egypt Manage To Boycott France?

French President Emmanuel Macron has gone all-out in his attempt to defend the controversial cartoons of the Prophet Mohammed, which...

US-ELECTIONS-20202-TRUMP-BIDEN US-ELECTIONS-20202-TRUMP-BIDEN
Americas14 hours ago

Why US Media Is Again Underestimating Donald Trump & Ignoring His Master-Strokes?

Many analysts also fear that Joe Biden could reverse Donald Trump's policies of going tough on China and Iran while...

putin-russia putin-russia
Featured16 hours ago

French Dassault Fighter Jets Intercepted By Russian Su-27 Over The Black Sea

The Russian Defense Ministry’s National Center for Defense Management has said that Russian Air Force’s Su-27 intercepted several French attack...

ISRAEL-UAE ISRAEL-UAE
Featured18 hours ago

UAE Attempts To Woo Indonesia As It Normalizes Ties With Israel

In a historic visit, a delegation of UAE’ senior officials visited Israel for the first time, after the peace treaty,...

F-22-RAPTOR F-22-RAPTOR
Featured19 hours ago

Not Happy With F-35 Jets, Israel Looks To Acquire The Ultimate Dogfighter – F-22 Raptors From The US

Nowhere did Israel President Benjamin Netanyahu see that the historical normalisation “Abraham Accord” it has signed with the United Arab...

Russia-China Russia-China
Asia Pacific23 hours ago

Russia Equips Chinese Special Forces With Latest Helicopters As It Battles India In The Eastern Ladakh

With a military stand-off that enters its sixth month not soon from now, neighbours India and China have entered an...

HYPERSONIC-MISSILE HYPERSONIC-MISSILE
Featured24 hours ago

India, Russia To Develop Advance Version Of BrahMos Missiles Especially For Targeting AWACS – Reports

India and Russia are planning to develop an advanced version of Indo-Russian cruise missile BrahMos, which will be capable of...

Advertisement