India-US trade deal
Talks regarding the long pending trade deal between India and America have once again intensified. After the arrival of a high-level team of the US Trade Representative (USTR) in Delhi, two days of important talks have started between the officials of the two countries. This meeting is being considered a big step towards a possible first phase trade pact.
Union Commerce and Industry Minister Piyush Goyal said that the agreement between India and the US is progressing steadily, and positive progress has been made on many complex issues. According to him, the teams of both the countries are focusing on those areas where faster resolution is possible, so that the way forward for a large-scale comprehensive trade agreement can be paved.
Which issues were discussed?
A detailed discussion is expected in the meeting on issues like agriculture, steel-aluminium tariff, medical devices, IT services and market access. The US side has long been demanding reduction of high tariffs on some Indian products, while India wants stable and viable market access from the US in industries that are the backbone of Indian exports.
Both countries have resolved many trade disputes in recent years, which has eased the way forward in negotiations. Initiatives like India’s partial reduction in tariffs on US agricultural products and US reducing some customs disputes on Indian steel are examples of this direction.
Target to double trade by 2030
India-US trade has reached the level of approximately $ 200 billion in 2023-24. Now both the countries have set a target of doubling it by 2030. Experts believe that if the first phase is successful, then the next few years may see a huge increase in investment, technology cooperation and supply chain partnerships. Everyone is keeping an eye on the results of the talks, because this will not only strengthen the trade relations between the two countries but will also give a positive signal in the global economic environment.