India’s Commerce Minister Piyush Goyal highlighted the “significant developments” in trade negotiations with the United States during a speech in London, shortly after signing a free trade agreement with the UK. His remarks reflect optimism about progressing towards a bilateral trade deal, despite previous missed deadlines between Washington and New Delhi.
President Donald Trump initially set a deadline of August 1 for countries, including India, to finalize trade agreements or face substantial tariffs. This followed an announcement of a proposed 26% tariff on Indian goods earlier this year, with the deadline extended from July 9. Over the past months, Indian delegations have actively engaged with US counterparts to finalize critical components of the deal.
Trump expressed encouragement last week, asserting that the two nations are “very close” to finalizing an interim agreement, with hopes of completing a comprehensive deal by year-end. Goyal acknowledged ongoing negotiations over key issues, particularly related to agriculture and dairy tariffs, while emphasizing the importance of a consequential partnership ahead.
Both nations aim to bolster bilateral trade, which has previously reached $190 billion, with the ambition of increasing this figure to $500 billion. While India has made some tariff reductions, such as on whiskey and motorcycles, tensions persist, notably in addressing the US trade deficit of $45 billion with India, which remains a priority for the Trump administration.
Source: www.bbc.com
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