Talks on India-US trade deal intensify, US officials arrive in Delhi

Negotiations for a long-pending trade deal between India and the United States have once again intensified. A high-level team from the US Trade Representative (USTR) arrived in Delhi, kicking off two days of crucial talks between officials from both countries. This meeting is considered a major step towards a potential Phase 1 trade pact.

Union Commerce and Industry Minister Piyush Goyal stated that negotiations between India and the United States are progressing steadily, and positive progress has been made on several complex issues. 

According to him, teams from both countries are focusing on areas where swift resolution is possible, paving the way for a comprehensive trade agreement.

What issues were discussed?

The meeting is expected to discuss issues such as agriculture, steel and aluminum tariffs, medical devices, IT services, and market access. 

The US side has long sought the reduction of high tariffs on some Indian products, while India seeks stable and viable market access from the US in industries that form the backbone of Indian exports.

The two countries have resolved several trade disputes in recent years, paving the way for progress in negotiations. Initiatives such as India's partial reduction of tariffs on US agricultural products and the US's easing of some tariff disputes on Indian steel are examples of this.

Aim to double trade by 2030

India-US trade is projected to reach nearly $200 billion in 2023-24. Both countries now aim to double this by 2030. Experts believe that if the first phase is successful, the next few years could see significant growth in investment, technology collaboration, and supply chain partnerships. 

The outcome of the talks is being closely watched, as it will not only strengthen the trade relationship between the two countries but also send positive signals to the global economic environment.