India-US Trade Deal: There may be good news soon regarding the trade deal between India and America. External Affairs Minister S Jaishankar said on Saturday (November 14) that most of the issues regarding the agreement between the two countries have been resolved. Negotiations on some issues are still going on and the agreement may be finalized soon. He said that the talks have now reached their final stages.
How far have the talks reached on trade deal?
During a session at the HT Leadership Summit, Jaishankar said that talks regarding trade deal between India and America have progressed a lot. Consensus has been reached on most issues. Some issues still remain, on which both sides are discussing. He also said that in many cases the remaining concerns are not from the Indian side, but more changes have taken place from the American side. According to Jaishankar, both the countries will have to find a way which is acceptable to all. The Foreign Minister expressed confidence that the agreement can be finalized soon. He said that it is natural for all parties to be impatient in the last round of negotiations, but there is a need to have a little more patience.
Big announcement may be made in Modi-Trump meeting
This statement regarding the trade deal between India and America has come at a time when Prime Minister Narendra Modi is likely to attend the G20 summit to be held in America in December. Prime Minister Modi and US President Donald Trump may also meet during the conference. There is speculation that the progress made on the trade deal may be reviewed during the meeting of the two leaders. It is believed that this meeting may give some important indication regarding the agreement. Earlier last month, US Secretary of State Marco Rubio had said in Mumbai that both the countries are very close to finalizing the trade deal.
What is the purpose of India-US trade deal?
India and America are negotiating a proposed trade deal from the beginning of 2025. Its main objective is to make trade easier between the two countries. Under this, discussions are being held to resolve differences related to import duty i.e. tariff, reduce non-tariff barriers and increase access to each other’s markets. India wants its products to enter the American market at lower tariffs than competitor countries. Indian companies and exporters can benefit from this. Jaishankar said that the most important thing for India is that the trade agreement should be balanced and in the interest of both the countries. He said that America is India’s biggest market and also the world’s largest economy. In such a situation, India can benefit from having a trade deal with it.
Why does India hope for a balance deal?
Jaishankar said that India has already signed Free Trade Deals (FTA) with many Asian economies. However, some of these deals did not yield as much profit as was expected. He said that in the last few years, India has thought more about trade deals. Now any agreement is also assessed from economic and strategic perspective. According to the Foreign Minister, there should be a similar agreement between India and America, which will benefit both the countries in the long run. He indicated that tariff related issues have also been discussed in detail and both the countries are now in the final stages of agreement.
Source: ndtv.in
