India and the United States (US) are in the final stages of concluding a much-anticipated interim trade agreement, with the deal expected to be signed within the next few weeks or months, US Ambassador to India Sergio Gor said on Friday.
Secretary Rubio briefed the Prime Minister on the sustained progress in bilateral cooperation across a wide range of sectors, including defence, strategic technologies, trade and investment and energy security.
Under the proposed interim trade deal, the US has reduced tariffs on Indian goods from 50 per cent to 18 per cent.
Fresh US data shows a narrowing trade gap under new policies, but India continues to rank among the largest contributors to America’s goods trade deficit.
Senior Congress leader Jairam Ramesh on Sunday raised questions over the timing of the recently concluded India-US trade agreement, arguing that the government may have rushed into signing the pact despite a pending judgment by the US Supreme Court on tariffs imposed during the tenure of US President Donald Trump.
A high-level US trade delegation led by Brendan Lynch, Assistant US Trade Representative for South and Central Asia, arrived in…
Days earlier, Trump had described India–US ties as a “very special relationship” and reassured that he and Prime Minister Modi “would always be friends,” saying there was “nothing to worry about.”
The BJP and its allies emphasised the country’s self-reliance and resilience in the situation, while the Opposition parties termed it a “diplomatic failure” of the Narendra Modi government at the Centre.
The United States has rejected India's assertion at the World Trade Organization (WTO) that American tariffs on automobiles and auto parts qualify as safeguard measures under global trade rules.
Bilateral trade between India and the US is likely to be signed by the end of the year, NITI Aayog member Arvind Virmani said on Friday.
