India-Rus Trade Talks: Indian team will be ready in Washington from Monday, Indian team ready
The next round of talks regarding the Indo-US bilateral trade agreement (BTA) is going to start in Washington from Monday. An Indian team of the Ministry of Commerce from India has reached Washington for this conversation. According to PTI news, Rajesh Aggarwal, the chief negotiator of India and special secretary of the Department of Commerce, will join the team on Wednesday. This conversation between the two countries will run for four days. According to the news, India’s deputy chief negotiator has already reached the US and the conversation will focus on the first phase of the bilateral trade agreement.
Which areas to resolve disputes related to
According to the news, both countries have to resolve disputes related to important areas like agriculture and automobiles. At the same time, the deadline for implementing additional tariffs on many countries including India has been extended by 1 August, due to which this conversation is even more important. Let me tell you, last week an official said that we are not making any difference between the interim and first phase agreement. We are interacting on a full trade agreement. Whatever part is completed, it can be introduced as an interim agreement and the rest will continue.
India took a tough stance
India has taken a tough stand on the demand for a discount on agriculture and dairy products on behalf of the US. India has not yet given a fee discount to the dairy sector in any FTA (Free Trade Agreement). In this meeting, there will be a demand for removal of an additional 26% fee from India. Apart from this, there is also talk of reducing tariffs on steel and aluminum (50%) and auto (25%) areas. If they do not agree between the two countries, then India has reserved the right to impose counter tariffs under the rules of the World Trade Organization.
What does America want
According to the news, the US wants India to give discounts on tariffs (apples, nuts, GM crops) such as industrial goods, electric vehicles, wine, petrochemicals and dairy. At the same time, India is demanding tariff concession in labor-dominated areas such as India, Textile, Gems, Jewelry, Leather products, garments, plastic, chemical, shrimp, oil seeds, grapes and bananas. The two countries are planning to end the first phase of bilateral trade agreement by September-October. An interim agreement is expected before that.
Latest business news
