India and US Near Finalization of Trade Deal, Says Deputy Secretary of State
India, US 'very close' to trade deal, need to get over last hurdle, Deputy Secretary of State Christopher Landau says
The Economic TimesImage: The Economic Times
The United States and India are on the verge of finalizing a trade deal, according to US Deputy Secretary of State Christopher Landau. He emphasized the importance of overcoming the last hurdle in negotiations, which have been ongoing for months, to strengthen bilateral relations and economic cooperation.
- 01US Deputy Secretary of State Christopher Landau stated that India and the US are 'very close' to finalizing a trade deal.
- 02The trade agreement aims to boost bilateral trade to USD 500 billion by 2030.
- 03India is seeking preferential access to US markets and tariff reductions as part of the deal.
- 04Negotiations have been ongoing for months following the framework announcement in February.
- 05India is recalibrating the agreement in light of a recent US Supreme Court ruling on tariffs.
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US Deputy Secretary of State Christopher Landau announced that India and the United States are 'very, very close' to finalizing a significant trade deal, needing to overcome 'that last hurdle' in negotiations. Speaking at the SelectUSA Investment Summit in National Harbour, Maryland, Landau highlighted India's growing importance on the global stage, noting its potential for massive economic development. The two countries aim to achieve bilateral trade of USD 500 billion by 2030. As part of the agreement, India is seeking preferential access to US markets, with the US agreeing to reduce tariffs on Indian goods from 50% to 18%. However, the recent US Supreme Court ruling against former President Donald Trump's reciprocal tariffs has prompted India to recalibrate the agreement to protect its interests under the new global tariff framework. Negotiations have been ongoing since the framework was announced on February 2, 2023, and the text of the deal was released shortly after on February 7.
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The trade deal could significantly enhance economic opportunities for Indian businesses and improve access to US markets, potentially leading to job creation and economic growth.
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