Visakhapatnam — India and the United States are likely to sign the first phase of a bilateral trade agreement by mid-July, Commerce Minister Piyush Goyal said Friday, following a fresh round of talks between officials from the two countries.
“We had excellent discussions from June 2-4 this month. We had a full team of officials from different divisions of trade from the US in New Delhi. I also met them yesterday. We are fast-moving towards closing all the open ends. Sometime by the middle of next month or so, we should be in a position to execute a very vibrant first tranche of the bilateral trade agreement,” Goyal told reporters in Visakhapatnam.
“It will give preferential access to India over our competitors. I expect a higher level delegation by the end of this month,” he said.
The comments come as both countries work to finalize a framework agreement on bilateral trade. The agreement was announced earlier this year as part of efforts to expand market access, reduce barriers and create more certainty for businesses in both countries.
U.S. President Donald Trump said Thursday that India and the U.S. would finalize a trade agreement. Speaking to reporters at the White House, Trump said: “For years, India took advantage of the United States… But we will get to a deal…I like your Prime Minister a lot. He is a good friend of mine, and we get along well. We have a good relationship.”
The Commerce Ministry said Wednesday that India remains engaged with the U.S. on Section 301 proceedings announced by Washington while also holding parallel talks to finalize the bilateral trade framework.
The United States Trade Representative has concluded investigations involving 60 economies, including India, over measures related to imports. The USTR has proposed additional tariffs on imports from those economies under Section 301 of the U.S. Trade Act of 1974.
The proposed tariffs are not yet final. Products covered under Section 232 tariffs and certain other items have been excluded from the proposals. A separate mechanism has also been proposed for textile and apparel products, which could allow a certain volume of imports from selected economies to enter the U.S. at lower tariff rates.
Stakeholders can submit requests to participate in public hearings by June 22, while written comments can be submitted until July 6. Public hearings are scheduled for July 7. The USTR will review comments and testimony before making a final decision on the proposed measures.
The Feb. 7 India-U.S. joint statement laid out the framework for an interim trade agreement aimed at advancing mutually beneficial and reciprocal trade, while also committing both countries to broader Bilateral Trade Agreement negotiations.
U.S. Ambassador to India Sergio Gor recently said Washington looked forward to completing the details of a new trade agreement with India that would expand market access, reduce barriers and create greater certainty for businesses in both countries. (Source: IANS)
