India-US trade deal 99% finalised, says Sergio Gor
The US Ambassador to India shared that negotiations between India and the US have been underway for nearly one-and-a-half years.
The US Ambassador to India shared that negotiations between India and the US have been underway for nearly one-and-a-half years.
The broader India-US trade agreement will be signed in a phased manner, and negotiations for the second phase of the pact will continue after the signing of the first tranche of the deal.
The June 1-4 visit is expected to focus heavily on finalizing the contours of an interim trade arrangement while simultaneously advancing broader negotiations on market access, customs cooperation, investment facilitation and economic security alignment between the two strategic partners.
Discussion between Marco Rubio and Ajit Doval focused on defence, security and strategic technology related cooperation including the TRUST initiative.
Marco Rubio's maiden trip to India comes after Donald Trump administration's trade and tariff policies.
The concerns have particularly been sparked over US claims on India's energy ties with Russia and New Delhi's market access commitments.
Rahul Gandhi claimed that tariff concessions to Bangladesh on the country's textile exports and sourcing clauses in India–US deal may damage both India's cotton farmers and textile businesses.
With textile exports to the US worth nearly USD 7.5 billion annually, the Centre said the interim agreement will ensure Indian exporters remain competitive despite Bangladesh’s revised tariff access.
The MEA's clarification comes amid reports highlighting revisions in the US document, which earlier had contrasted with the statement released by the Indian side.
“Right now, our framework agreement is being made. When the interim agreement is finalised, then you will get to see this in the fine print," Piyush Goyal said while speaking with the reporters.
