Donald Trump.
US President Donald Trump on Tuesday (local time) hinted at getting closer to a trade deal with India. He also said that at any time, America will reduce tariffs on India. Trump made this comment during the swearing-in ceremony of Sergio Gore as Ambassador to India. In his speech, Trump said that we are making an agreement with India. Very different from before. They don’t like me right now, but they’ll like us again. We are getting a good deal. He is a very good negotiator, so Sergio, you have to pay attention to this. I think we are very close to an agreement that is good for everyone.
Tariff may be reduced soon
Speaking to reporters in the Oval Office after Gore’s inauguration, Trump answered questions about how close he was to a trade deal with India and whether he would consider reducing tariffs on New Delhi. On this, the US President said that right now the tariff on India is very high because of Russian oil. They have stopped buying Russian oil. This has been reduced significantly. Yes, we are going to reduce the tariff. At some point or the other, we will definitely reduce them. Earlier on November 5, Union Commerce Minister Piyush Goyal had indicated that talks on an India-US bilateral trade deal were “going very well”, but he also said there were “many sensitive and serious issues” and it would take time.
When can the deal be completed?
Asked to give an update on India-US trade talks, Minister Goyal told ANI that the talks are going very well. There are many sensitive and serious issues, so naturally it takes some time. On October 23, negotiators from both the countries held virtual discussions. Five rounds of negotiations have been completed since March for the first phase of the bilateral trade agreement, which was initially planned to be signed by “autumn 2025”. This bilateral trade agreement, formally proposed in February following instructions from the leaders of both countries, aims to more than double the trade volume from the current US $ 191 billion to US $ 500 billion by 2030.
Goyal went to America with the delegation
Commerce and Industry Minister Piyush Goyal was in America in September, where he led high-level trade talks. Both countries are working towards signing a comprehensive bilateral trade agreement. Goyal was accompanied by a delegation of senior officials of the ministry, including Special Secretary and India’s chief negotiator Rajesh Aggarwal. In mid-September, a team of United States officials led by Assistant US Trade Representative for South and Central Asia Brendan Lynch held positive and forward-looking discussions with officials of India’s Department of Commerce in New Delhi, and it was decided to intensify efforts to quickly conclude a mutually beneficial trade agreement.