The India-Rus Trade Deal between India and America is not yet completed. The discussion of its completion has been going on for a long time. Now the news has come about the tariff. India and America are working on an initial successful agreement, which will only cover the issues related to tariffs and may be completed by July. If everything goes well, in the next phase around October, there is a possibility of more comprehensive agreement between the two countries on non-tariff issues.
According to Business Today sources, India is eager to complete the discussion before the US from July 9 to implement the reciprocal tariff and finalize the interim system on the tariff. Major export goods are expected to be included in the talks, as well as the US is eager to expand its markets in India. However, sensitive items for India such as dairy and agriculture are expected to be kept out of tariff talks.
This discussion can happen between India and America
The report said that in view of this, every country would like to protect its interests, but like a free trade agreement with Britain, India will express less tariffs for its export areas like textile, leather and jewelery.
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The US can show interest in imposing low fees on its products such as automobiles, electric vehicles and whiskey as well as agricultural products. India’s greater purchase of oil and defense equipment by India is another major object in the American wish list.
These things will be talked after July
Further discussion on non-tariff barriers including technology, e-commerce and data store related issues can be discussed after July. Significantly, a delegation of Indian negotiators led by Commerce and Industry Minister Piyush Goyal and Special Secretary of Commerce Rajesh Aggarwal is currently in the US to work on the proposed bilateral trade agreement.
Discussion going on in America
Meanwhile, Goyal has also done a post on social media and said, “There was a good discussion with Secretary Howard Lutenik towards accelerating the first phase of the Indo-US bilateral trade agreement.” Goyal is on a four -day visit to the US from 17 May to 20 May, while the Indian team of negotiators will return on 23 May.
America tariff on india
Let me tell you that under its mutual tariff scheme, the US had imposed a 26% tariff on India, but then announced a 90 -day ban on it, which is ending at midnight of 8 July. India is eager to avoid high tariffs and to protect a major export market before that to finalize the first installment of BTA with the US. America is India’s largest trading partner, which had bilateral trade in the last financial year at $ 131.84 billion.