Trade negotiations gain speed in Washington as officials say most of it is almost done and there "aren’t many loose ends left".
New Delhi: Negotiations between the United States and India picked up pace this week, with both sides working to finalize a long-awaited trade agreement, as the two sides hold fresh talks in Washington, DC.
A senior US official was quoted as saying in reports that the discussions have been “positive and productive,” suggesting that both countries are moving steadily toward a final agreement.
According to officials familiar with the discussions, the majority of key issues have already been settled. Only a few minor gaps remain, which negotiators are now trying to close. “Most of it is almost done. There aren’t many loose ends left,” one official said.
The current round of talks included high-level participation from both countries. The Indian delegation was led by Darpan Jain, while the US side was headed by Brendan Lynch from the Office of the United States Trade Representative.
India and the US have been in talks for quite some time now, aiming to reduce tariffs and increase trade between the two countries. A major step forward came earlier this year when both sides agreed on a framework for an interim deal.
US Ambassador Sergio Gor called the ongoing talks a “win-win” for both countries, expressing confidence that the agreement will benefit both economies. Commerce Minister Piyush Goyal also confirmed that the first part of the deal is nearly ready.
He said India's interests were protected while framing the deal. Goyal further stressed that India has secured one of the "best deals" among its competitors.
Goyal noted that India can compete with the rest of the world, as it has become a confident nation. Talking about the India-US relationship, the union minister said that the alliance between them is 'multidimensional' that spreads far beyond the trade between them.
Working towards a balanced trade pact
India and the United States are making steady headway in strengthening their economic partnership, with ongoing discussions aimed at finalising a comprehensive trade agreement, the Ministry of External Affairs (MEA) said on Thursday.
Speaking at a weekly media briefing in New Delhi, MEA spokesperson Randhir Jaiswal described the negotiations as “constructive,” noting that both sides are working to address mutual concerns while deepening economic cooperation. He added that the talks are aligned with a broader goal of significantly expanding bilateral trade to USD 500 billion by 2030.
“These engagements are ongoing and constructive. Both sides are working towards a balanced, mutually beneficial and forward-looking trade agreement that takes into account each other’s priorities,” Jaiswal said.
India 'tough nut to crack’: USTR
As India is looking to protect its agriculture sector in trade negotiations with the United States, the latter is having a hard time convincing the former to grant exemptions. This led US Trade Representative Jamieson Greer to term India a “tough nut to crack”, according to reports.
“India is a tough nut to crack... they’ve protected their agricultural markets for a very long time,” Greer reportedly told the Committee on Ways and Means of the US Congress.
India is also seeking preferential access to US markets as the two countries aim to raise bilateral trade to $500 billion by 2030. The two countries had released the framework of the free trade agreement in early February, while the text of the deal was released on February 7.
Under the deal framework, the US was to reduce tariffs imposed by President Donald Trump from 50 percent to 18 percent.
