New Delhi: In a discussion on temporary trade arrangements between the United States and India, Commerce and Industry Minister Piyush Goyal will lead a team of Indian officials to Washington for about a week’s tour, discussing the proposed bilateral trade agreement (BTA) with their U.S. counterparts starting May 17. Sources close to development said Tuesday that Goyal is expected to meet with U.S. Trade Representative (USTR) Jamieson Greer and U.S. Commerce Secretary Howard Lutnick during his key visit.
India’s proposal to impose retaliatory tariffs on U.S. products under the U.S. Trade Organization (WTO) norms on measures to safeguard steel and aluminum imports may also be determined in the BTA’s consideration, which was conducted under India’s proposal to impose retaliatory tariffs on U.S. products under the U.S. Trade Organization (WTO) norms. However, both countries are exploring the possibility of a temporary trade agreement for goods to ensure that the first phase of this fall (September to October) will achieve an “early mutually beneficial victory” ahead of the first phase of the trade agreement.
“The chief negotiators of the two countries will hold a bilateral meeting from May 19 to 22. Goyal will arrive in Washington on May 16. The main issues that will be considered in the negotiations include market visits, rules of origin and non-Tariff barriers. In these discussions, officials from New Delhi and Washington are from New Delhi and Washington aim to use the temporary window of 90 days to speak in advance.
To increase bilateral trade between the two countries, India is seeking legal treaties in the proposed lawsuits of textiles, gems and jewelry, leather products, clothing, plastics, chemicals, shrimp, oilseeds, chemicals, grapes and bananas in the United States. On the other hand, the United States wants tariff concessions in certain industrial supplies, automobiles (especially electric vehicles), wine, petrochemical products, dairy products, agricultural goods such as apples and tree nuts.
Meanwhile, the U.S. has suspended India’s 26% tariffs until July 9. However, the 10% benchmark tariff imposed on these countries will remain in place. India’s chief negotiator Rajesh Agrawal, special secretary of the Ministry of Commerce and Assistant Trade Representative for South and Central Asia in the United States, held three-day talks in Washington last month.
Prior to this, Goyal held a bilateral meeting with Greer and Lutnick. India and the United States have begun department-level talks for the agreement. Both parties are considering both tariffs (commodity-related) and non-tariff matters. The BTA’s reference clause or TOR has been completed by India and the United States, which includes approximately 19 chapters, which cover issues such as tariffs, goods, services, origin, non-tariff barriers and customs promotion.
The United States has had several concerns about certain non-tariff barriers facing American goods in the Indian market. The United States remains India’s largest trading partner for the fourth consecutive year, with bilateral trade value of US$131.84 billion. The United States accounts for about 18% of India’s total goods exports and imports 6.22%, and the country’s total commodity trade volume is 10.73%.
