\n<\/p>\n
India and the United States are gearing up to implement the first phase of their bilateral trade agreement by mid-July, according to Union Commerce Minister Piyush Goyal. His announcement followed a recent meeting with an American trade team in New Delhi.<\/p>\n
\u201cWe are quickly addressing the remaining issues, and I believe that by the middle of next month, we will be ready to move forward with a dynamic first phase of this trade agreement,\u201d Goyal shared with reporters in Visakhapatnam during a workshop focused on seafood exports. He emphasized that this initial phase will offer India preferential access over its competitors.<\/p>\n
The recent three-day discussions in New Delhi, which took place from June 2-4, featured significant participation from both sides. On the American side, Assistant U.S. Trade Representative Brendan Lynch led the talks, while Indian Additional Secretary Darpan Jain represented India.<\/p>\n
Just days before, U.S. Ambassador Sergio Gor mentioned that only \u201c1%\u201d of the trade deal’s details need to be finalized, hinting at an imminent signing of the agreement.<\/p>\n
Looking ahead, Goyal noted that a senior U.S. team, likely headed by USTR Jamieson Greer, is expected to visit India later this month.<\/p>\n
However, this visit could be overshadowed by a recent proposal from the USTR that aims to impose an extra 12.5% duty on goods from 54 countries, including India. In contrast, India’s competitors, such as Pakistan and Indonesia, may only face a 10% duty. This disparity could put Indian textiles, leather, rice, seafood, and agricultural products at a disadvantage in the U.S. market. Adding to the complexity, this proposal coincided with the start of the trade negotiations in New Delhi.<\/p>\n
Sources familiar with the talks reported that discussions have been encouraging, with an interim agreement expected soon. U.S. Secretary of State Marco Rubio expressed optimism in a recent hearing about potentially wrapping up the negotiations within a few weeks.<\/p>\n
During a media briefing, Indian External Affairs Ministry spokesperson Randhir Jaiswal also highlighted that the U.S. team’s discussions with Indian officials were \u201cpositive and constructive.\u201d A statement from the Commerce Ministry confirmed that both sides engaged in fruitful talks involving various topics, including goods trade, customs, and economic security alignments.<\/p>\n
The statement concluded, “The discussions were characterized by a spirit of cooperation, with both sides committed to concluding an agreement that enhances our trade and economic relationship.”<\/p>\n\n","protected":false},"excerpt":{"rendered":"
India and the US Set to Advance Trade Agreement India and the United States are gearing up to implement the first phase of their bilateral trade agreement by mid-July, according to Union Commerce Minister Piyush Goyal. His announcement followed a recent meeting with an American trade team in New Delhi. \u201cWe are quickly addressing the<\/p>\n","protected":false},"author":1,"featured_media":33817,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[28],"tags":[10408,471,10745,16610,403],"class_list":["post-33816","post","type-post","status-publish","format-standard","has-post-thumbnail","category-india-news","tag-bilateral-trade-agreement","tag-india","tag-piyush-goyal","tag-trade-negotiations","tag-us"],"_links":{"self":[{"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/posts\/33816","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/comments?post=33816"}],"version-history":[{"count":0,"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/posts\/33816\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/media\/33817"}],"wp:attachment":[{"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/media?parent=33816"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/categories?post=33816"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/indiabulletinusa.com\/wordpress\/wp-json\/wp\/v2\/tags?post=33816"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}