India and US Near Finalization of Trade Deal, Talks Resuming in June
India-US trade deal: Large parts finalised, talks resume June 2 in New Delhi, says Piyush Goyal
The Economic Times
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India's Commerce and Industry Minister Piyush Goyal announced that significant portions of the trade agreement with the US are finalized, with negotiations resuming in New Delhi from June 1-4. Key areas include market access and tariff adjustments, aiming for preferential treatment for businesses on both sides.
- 01The interim trade agreement framework was agreed upon in February 2023, with ongoing negotiations focusing on market access and customs facilitation.
- 02India aims to eliminate or reduce tariffs on US industrial goods and agricultural products while planning to purchase $500 billion in US goods over five years.
- 03The US Supreme Court's ruling on tariffs has influenced the negotiation landscape, prompting a reassessment of the agreement.
- 04Darpan Jain, Additional Secretary in the Department of Commerce, leads the Indian negotiation team, while Brendan Lynch heads the US side.
- 05India's exports to the US increased by 0.92% to $87.3 billion, while imports surged by 15.95% to $52.9 billion in the last fiscal year.
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During a recent announcement, India's Commerce and Industry Minister Piyush Goyal stated that substantial portions of the trade agreement with the United States have been finalized, with negotiations set to continue in New Delhi from June 1-4, 2023. The talks will focus on finalizing the interim trade pact's details, which aims to enhance market access and align economic security measures. Chief negotiators include Darpan Jain from India and Brendan Lynch from the US. Under the proposed agreement, India plans to eliminate or reduce tariffs on a variety of US industrial and agricultural products and intends to purchase $500 billion worth of US goods over the next five years. The recent changes in the US tariff structure, following a Supreme Court ruling, have necessitated adjustments to the agreement framework. The US remains a key trading partner for India, with recent trade statistics showing a marginal increase in exports and a significant rise in imports.
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The trade agreement could significantly enhance market access for Indian businesses in the US, potentially increasing exports and creating jobs.
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