India-US Trade Talks: Turning Tariffs into Trade

India and the United States have wrapped up their fifth round of negotiations for a bilateral trade agreement in Washington. The discussions, which took place over four days from July 14 to 17, were led by India's chief negotiator Rajesh Agrawal.

The two nations are racing against the clock to establish an interim trade deal before the expiration of suspended Trump-era tariffs on August 1. Key issues on the table included agriculture, automobiles, and dealing with non-market economies. The US has pushed for tariff concessions on several products including industrial goods and agriculture, while India has emphasized duty relief in labor-intensive sectors.

Despite challenges, both countries aim to finalize the first phase of the trade agreement by fall this year. The talks reflect a complex interplay of trade policies amid growing import and export activities between the two economic giants.

(With inputs from agencies.)