India and the United States are gearing up for intensified negotiations on the proposed bilateral trade agreement (BTA). US Ambassador to India Sergio Gor revealed that US Trade Representative Jamieson Greer will engage in multiple meetings with Union Commerce and Industry Minister Piyush Goyal in New Delhi to push forward the trade deal before a crucial tariff deadline next month.
Greer is set to confer with Goyal as both nations aim to finalize the framework for the initial phase of the proposed bilateral trade agreement before the looming tariff deadline. The ministerial-level discussions come amidst the ongoing talks between India and the US to finalize an interim trade pact, seen as a precursor to a broader bilateral trade agreement.
Commerce Secretary Rajesh Agrawal had earlier indicated that the discussions between the two countries would concentrate on refining the framework agreement and advancing negotiations on the comprehensive trade pact. Goyal expressed optimism that all outstanding issues in the interim trade agreement would be resolved, anticipating the conclusion of the first phase of the BTA by mid-next month.
The upcoming negotiations are crucial as the temporary 10% tariff imposed by the US on all trading partners is set to expire on July 24. This tariff, announced earlier this year, is in addition to the Most Favoured Nation (MFN) duty rates and is expected to be replaced by a revised tariff regime after the 150-day period lapses.
The recent ministerial discussions follow talks at the chief negotiator level held in New Delhi from June 2 to June 4, aimed at advancing negotiations on the proposed agreement. Both countries are focused on enhancing economic relations and boosting bilateral trade through a phased trade arrangement while striving for a comprehensive bilateral trade pact.
