Crunch Time: India and US Race Against Deadline for Interim Trade Deal
India and the US are engaged in negotiations for an interim trade agreement, aiming to finalize the pact before July 9. Key issues include duty concessions on goods like textiles and dairy, with both nations seeking to boost bilateral trade to $500 billion by 2030.
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The Indian delegation, led by Rajesh Agrawal from the department of commerce, has extended its stay in Washington for crucial trade negotiations set to conclude by July 9. This extension is pivotal as both countries work towards finalizing an interim trade deal amid ongoing tariffs and market constraints.
April 2 marked a critical period as the US imposed a steep 26% reciprocal tariff on Indian goods, though this decision was temporarily suspended. India pushes for complete exemption from this additional levy, especially since the US maintains a baseline tariff of 10%.
Negotiations also focus on agriculture and dairy, difficult sectors for India to concede to US demands, while the US seeks concessions on industrial goods. Both nations are pressing to conclude talks for a bilateral trade deal's first tranche by fall, with ambitions of elevating trade relations to USD 500 billion by 2030.
(With inputs from agencies.)
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