INDIA: US-India Trade Deal Expected By Year End - Indian Trade Secretary
Nov-28 09:33
Reuters reports Indian Trade Secretary Piyush Goyal stating, “India expects to have a deal with the US before year-end as most issues already resolved.” Goyal adds negotiators are holding “virtual talks”, noting remaining issues could be addressed at the political level.
- Commerce Secretary Rajesh Agrawal said Monday negotiators are close to finalising a package covering US market access to India, and reducing 25% reciprocal/25% additional oil tariffs, per the Times of India.
- A trade deal has appeared close in recent weeks. The appointment of Sergio Gor, an ally of US President Donald Trump, as the US ambassador in New Delhi was seen as kickstarting trade negotiations and a series of low-key agreements - including an LNG deal - are set to shrink the US trade deficit with India.
- The Trump administration appears satisfied with India easing Russian oil imports. Trump said earlier this month: "...they have now substantially reduced Russian oil, so we will be bringing the tariffs down.” Kpler notes that Indian imports are likely to fall in December to the lowest level in three years.
- India Today reports, the deal “seems to be happening in the background. Instead of high-profile negotiating rounds, officials are meeting to sort out customs issues, certification norms, standards, digital rules, and services.”
- Bloomberg cautions, “While officials in New Delhi have repeatedly said in recent weeks that a trade deal with Washington is close, the International Monetary Fund has cut its projection for India’s growth next financial year.”
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