India-America trade deal almost finalized
Amidst the long-running speculations about the trade deal between India and America, a big and relief news has now come to light. Amidst the fear of imposing tariffs up to 500 per cent, the trade agreement between the two countries now seems to be reaching a turning point. The latest statement of Commerce Secretary Rajesh Aggarwal has indicated that the trade deal between India and America can be considered almost finalized, only the formal announcement is awaited.
When will the deal be sealed?
The Commerce Secretary said that the process of talks between the two countries had never stopped. This is a continuous process. He informed that recently a virtual meeting was also held between Commerce Minister Piyush Goyal and US Trade Representative (USTR) Greer. The talks are on a very positive note and the deal is almost ready. However, the government has still refused to give any date or ‘deadline’. He says that instead of giving a date in a hurry, the announcement will be made when both the parties are completely agreed and ready.
Indian goods boom in America
The data presented by Commerce Secretary Rajesh Aggarwal shows the morale of Indian exporters. He said that despite high tariffs and pressure imposed by America, India is exporting goods worth about 7 billion dollars (billions of rupees) to America every month. That means the demand for Indian products has not reduced in the American market. Indian exports are performing well not only in America but also in markets like China and United Arab Emirates (UAE).
From medicine to clothes…these sectors are in power
According to the report, sectors like textile (clothing industry), marine products (sea-food), and gems and jewelery have shown amazing enthusiasm. Despite the tax burden in America, these sectors have maintained their growth. The pharma sector, which is considered the backbone of India’s economy, has found a new path. The government says that Indian pharma companies are no longer dependent only on America. We have adopted the policy of ‘diversification’. Now Indian medicines are making their place in emerging markets like Brazil and Nigeria. This simply means that even if one door closes a little, Indian companies have opened four new doors for themselves.