India and US Explore Opportunities for Interim Trade Agreement
NEW DELHI: Commerce and Industry Minister Piyush Goyal and U.S. Trade Representative Jamieson Greer have spent the last two days discussing the progress of a trade deal between India and the United States. Key topics included market access, digital trade, supply chain resilience, and the reduction of non-tariff barriers. An official statement indicated that while both sides are working towards finalizing an interim trade deal, no specific timeframe was provided.
Both parties acknowledged significant progress made by their negotiating teams in recent months. They welcomed the momentum from ongoing technical and ministerial-level engagements. The discussions aimed to pave the way for an interim agreement, which is seen as a crucial step toward a more comprehensive bilateral trade agreement. The commerce department emphasized the commitment to a deal that is balanced and commercially meaningful, benefiting businesses, farmers, workers, and consumers in both nations.
Prior to these ministerial talks, Indian officials indicated that the meeting aimed to finalize the framework deal, which had been put on hold following a U.S. Supreme Court ruling against “reciprocal tariffs.” Under the proposed framework, the reciprocal tariff on India was set at 18% above the Most Favored Nation (MFN) duty on products. Greer reiterated the U.S. commitment to fostering a constructive and mutually beneficial economic partnership with India, highlighting the shared goals of growth and prosperity. He noted that both countries are eager to collaborate on future technologies, including advancements in artificial intelligence.
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