Jul 17, 2020
India and US close to reaching limited trade deal, FTA may follow
2020-07-29
India and the US are close to concluding an “initial limited trade agreement’ which would be followed by a ‘possible free trade agreement (FTA)’, a statement from India’s commerce ministry said on Friday, July 17.
There has been a desire expressed to conclude this initial limited trade package, recognizing the complementarities of India-US bilateral trade, and the possibility of a FTA has been discussed, the ministry of commerce statement said which was issued soon after informal discussions held between Indian commerce minister Piyush Goyal and his US counterpart, Wilbur Ross, US secretary of commerce.
India has demanded exemptions from the higher duties imposed by the US on Indian exports of steel and aluminium and greater market access to farm products, while the US has sought market access for its farm products, manufacturing products, and information and technology.
“The principals also conversed on the ongoing India-US trade discussions and appreciated the substantial progress made by both sides on most of the outstanding issues,” the ministry of commerce statement said.
Business leaders from both countries, who also held discussions parallel to the Goyal-Ross conversation, also pitched strongly for an India-US FTA, a government official said.
