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.
Addressing a delegation of the Confederation of All India Traders (CAIT), led by Member of Parliament Praveen Khandelwal, at Vanijya Bhawan, the minister said that under the dynamic leadership of Prime Minister Narendra Modi, India’s trade ecosystem is undergoing a historic and rapid transformation.
India will eliminate or reduce tariffs on all US industrial goods and a wide range of US food and agricultural products, including dried distillers’ grains (DDGs), red sorghum, tree nuts, fresh and processed fruit, certain pulses, soybean oil, wine and spirits, and additional products.
While announcing the India-US trade deal, Trump had claimed that Prime Minister Narendra Modi has agreed to stop purchasing Russian oil.
American liquid milk, powder, cream, yogurt, buttermilk, butter, ghee, butter oil, paneer and cheese will not get entry into India.
Commerce Minister Piyush Goyal on Saturday said India has protected its agriculture and dairy sectors under the proposed agreement with the United States. However, agriculture experts argue that the fine print of the deal raises serious apprehensions.
